© Dukascopy Bank SA
Even though there are not many signs that NZD/CAD is in the bullish channel, there are two rising lines that could potentially guide the price further up. The upper trend-line is currently at 0.8348. At the moment it is acting as the resistance and should push the price downwards, towards the lower up-trend at 0.82, where the currency pair is expected to commence a new bullish leg that will surpass the previous one.
As for the indicators, they are bullish on a four-hour chart, but mixed on hourly and daily time-frames. Meanwhile, 73% of SWFX traders believe the New Zealand Dollar is going to underperform vis-à-vis its North American counterpart.
© Dukascopy Bank SA