NZD/CAD 1H Chart: Bearish in medium term
Upside risks have dominated the NZD/CAD exchange rate, thus resulting in the pair climbing 5.50% within a couple of weeks. The latest peak was reached last week when the Kiwi reversed from an eight-month high of 0.9517. It has since traded lower in line with senior and junior channels.
Technical indicators on longer-term time-frames suggest that the same bearish momentum is likely to prevail in the medium term, as well.
Meanwhile, the same indicators on the one-hour chart are located near the oversold area. This suggests that some short-term correction might be under way. A possible point of reversal could be the 0.9430 area where the 200-hour SMA and the weekly PP are located. Gains are expected to be capped near the weekly and monthly R1 at 0.9540.
In case this correction north does not occur and the longer-term moving average is breached, a possible downside target for the following week should be the 61.80% Fibonacci retracement at 0.9335.
Technical indicators on longer-term time-frames suggest that the same bearish momentum is likely to prevail in the medium term, as well.
Meanwhile, the same indicators on the one-hour chart are located near the oversold area. This suggests that some short-term correction might be under way. A possible point of reversal could be the 0.9430 area where the 200-hour SMA and the weekly PP are located. Gains are expected to be capped near the weekly and monthly R1 at 0.9540.
In case this correction north does not occur and the longer-term moving average is breached, a possible downside target for the following week should be the 61.80% Fibonacci retracement at 0.9335.
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