It doesn't get much clearer than that on the clean weekly chart. In the short term we have support for both NZDUSD (0.6298) and USDCAD (1.3240ish), so I do expect a bounce here.
In the longer term it's probably dependent on 2 factors, Oil and the BOC. Oil is straight forward, price goes up it's good for the CAD and vice versa.
As for the BOC, until now they did not join the dovish rate cuts party, but for how long can they stay out? Remember that the RBNZ rate cut cycle could soon stop while the BOC's could just begin.
In the longer term it's probably dependent on 2 factors, Oil and the BOC. Oil is straight forward, price goes up it's good for the CAD and vice versa.
As for the BOC, until now they did not join the dovish rate cuts party, but for how long can they stay out? Remember that the RBNZ rate cut cycle could soon stop while the BOC's could just begin.