The New Zealand Dollar has continued to edge lower against the Canadian Dollar. The NZD/CAD currency pair has declined by 2.93% in value since last week’s trading sessions.

Everything being equal, the 50– period simple moving average will most likely continue to pressure the exchange rate lower. A breakout through the bottom border of a descending channel pattern could occur during the following trading sessions.

However, the weekly support level at 0.8318 could provide support for the currency exchange rate in the shorter term.

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