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NZD/CAD has been in the up-trend for quite some time, but it seems to be respecting new rising lines. And while the upper one creates potential selling area at 0.988, the currency pair is testing the lower one at 0.9562, which needs to withstand the current selling pressure and direct the rate north.
Conversely, if it gives in instead, the kiwi will be expected to probe the weekly S3 at 0.9549 before challenging the 200-hour SMA at 0.9531. In the meantime, there is no unanimity among the technical indicators on any of the relevant time-frames. SWFX market participants, on the other hand, are mostly bearish—74% of positions are short.
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