NZD/CAD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The NZD/CAD cross has been on a down-trend since the middle of July, when the pair failed to reach the 0.95 level; however, just recently it formed a downward-sloping channel.
At the moment, the pair is trading near the upper trend-line around 0.8960 and since this is a reversal pattern then a bullish break-out is more likely. Also around current trading levels there are additional resistance levels offered by monthly PP and 200-period SMA at 0.8954/69, respectively. Moreover, the SWFX traders are mostly long with 56.34% of them expecting a bullish break-out. To our mind, with previously mentioned factors we might see a attack towards 0.90 level.
© Dukascopy Bank SA
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