NZD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the New Zealand Dollar has been appreciating versus its Canadian peer since early January, the pair embarked on formation of the channel up pattern only on January 10 when the currency couple noticeably sped up its advance.
At the moment of writing, the corridor was 216-bar long and 244-pips wide thus leaving enough room to manoeuvre. Meanwhile, NZD/CAD was heading downwards and was likely to prolong its losing streak until it reaches the pattern's support given that 81.25% of market participants were bearish on the pair.
© Dukascopy Bank SA
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