The NZD/CAD exchange rate has been trading in a narrow ascending channel since mid-May. The currency pair bounced off the lower boundary of the narrow pattern on May 15 and has since gained 390 base points.
The New Zealand Dollar has reached the upper boundary of a medium-term descending channel and could be prepared for a breakout within the next trading sessions.
If and when the aforementioned breakout occurs, the currency exchange rate could begin a new wave to the upside within the following week. However, the price movement first needs to surpass strong resistance cluster at 0.91 set by the weekly and monthly PPs.
