NZD/CAD 1H Chart: Channel Down
- The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel , which started to form after the Kiwi appreciated by 0.9% just in one trading session.
- In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent towards barriers set up by various technical indicators.
- Monday’s trading session did not bring any notable changes, as the pair has easily slipped through the weekly PP and S1 as well as the 55-, 100- and 200-hour SMAs .
- Since the rate does not have any other barriers on its way, it might reach the bottom edge of the channel already by the end of this trading day.
- However, multiple technical indicators suggest that in the upcoming hours the pair will rather move horizontally along the above weekly S1 at 0.9326 and only then slide to the bottom.