The New Zealand Dollar has been trading downwards against the Canadian Dollar since December 30. This movement has been bounded within a junior descending channel pattern.
Given that the weekly S2 and the monthly S1 at 0.8587 are providing support for the exchange rate, it is likely that some upside potential could prevail in the market during the following trading sessions.
However, if the currency exchange rate breaks the support cluster, the NZD/CAD could continue to trade within the given trend within next week’s trading sessions.
