The New Zealand Dollar has declined by 2.40% against the Canadian Dollar since last week’s trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern on September 22.
Given that a breakout has occurred, bearish traders could continue to pressure the exchange rate lower during the following trading sessions. The potential target for the NZD/CAD pair would be at the 0.8601 level.
However, the currency exchange rate could make a brief retracement towards the 50– period simple moving average at 0.8844 next week.
