NZD/CAD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending channel turned falling wedge confirmed the pattern with an upside breakout and a retracement from the violated trend-line. NZD/CAD is currently attacking the cloud resistance at 0.9516/0.9553 and is threatening to close inside, meaning a dedicated march through levels of significance might be on the way. The rate will test 0.9534/38 and 0.9544 if the intrusion is successful, bolstering 0.9506 as a ground to cut potential for weakness. The pair additionally formed a double bottom at 0.9468, which will be confirmed if a close below 0.9541 is achieved. A return to the gloomy themes could come as a possibility in case 0.9503 is broken, and would shift risk to 0.9480.
© Dukascopy Bank SA
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