NZD/CAD 1H Chart: Channel Down
NZD/CAD 1H Chart: Channel Down
- The New Zealand Dollar is losing value against its Canadian counterpart in a short-term tiny descending channel began to form after a 50-pip appreciation of the Loonie last Friday.
- Until this point, the currency rate was confidently moving to the south, crossing all barriers on its way.
- Most probably, the pair will continue the fall, as it has no other obstacles on its way in the next 118 basis points range.
- On the other hand, there is need to remember that such narrow channel are very sensitive to fundamental events and might be broken even from the not very significant news.
