NZD/CAD 1H Chart: Triangle

NZD/CAD is currently in consolidation following a February-March advancement and its trading range has been narrowing lately. As a result, there is a symmetrical triangle forming at the moment.

Given that the currency pair has just bounced off the lower edge of the pattern, the New Zealand Dollar is expected to remain bullish at least until it meets the upper trend-line at 0.95. In case this resistance is breached, NZD/CAD will be in a good position to target the weekly R2 at 0.9551 next. However, the sentiment of the market is explicitly bearish—as many as 71% of open positions are short, meaning most of traders do not expect a break-out to the upside.