Sat, May 08, 2021 @ 17:18 GMT
Home Contributors Technical Analysis NZD/CAD 4H Chart: Bounces Off Support

NZD/CAD 4H Chart: Bounces Off Support

The New Zealand Dollar has surged by 1.71% against the Canadian Dollar since last week’s trading sessions. The currency pair bounced off from the lower line of an ascending channel pattern at 0.9050 on January 20.

As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of the channel pattern is likely to occur during the following trading sessions.

However, the weekly R2 at 0.9211 could provide resistance for the NZD/CAD currency exchange rate in the short-term.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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