NZD/CAD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 70 days NZD/CAD has been slightly more inclined to rise than to fall, resulting in the formation of the bullish channel. Considering that the currency pair is near the lower boundary of the figure at the moment and the majority of weekly studies are giving ‘buy' signals, there is a good chance the New Zealand Dollar will outperform its Canadian counterpart. However, there are significant risks to this rally in the long-term represented by the resistance at 0.8772, which is not only the weekly and monthly R1, but also the April high, which has lately denied two attempts of the currency pair to continue the advancement.
© Dukascopy Bank SA
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