Upside risks have dominated the New Zealand Dollar higher against the Canadian Dollar since the beginning of March. A breakout occurred through the upper boundary of a descending channel pattern on March 9.
Given that a breakout had occurred, the exchange rate will most likely continue to trade bullish within the following trading sessions. The NZD/CAD currency pair could target the monthly R2 at 0.8755 this week.
Although, the currency exchange rate could make pullback towards the 200– period simple moving average at 0.8510 during the following trading sessions.
