NZD/CAD 4H Chart: Rectangle

NZD/CAD formed a rare rectangle pattern, as a result of a broadly horizontal movement in course of the past four trading weeks. Judging from the signals, which are currently being given by technical indicators, the pair is likely to continue hovering inside the pattern's boundaries in the medium-term. Four-hour studies suggest the Kiwi is likely to rally towards the upper trend-line at 0.8716. On its way to the north the pair will also meet the weekly R1 at 0.8683. On the contrary, market sentiment is completely undecided at the moment, while weekly studies have no indications that NZD/CAD will continue growing in the long run. Therefore, a bounce back can be expected by the end of this week.