- NZD/CAD has broken major trendline support at 0.8790 and is currently trading around 0.8710.
- Technicals on daily charts support downside in the pair. Stochs are biased lower, momentum studies are bearish and MACD line is on the verge of a bearish crossover on signal line.
- The pair has slipped below 50-DMA at 0.8821 and major moving averages are biased lower.
- CAD continues to derive support from the recovery of crude oil prices, with the barrel of West Texas Intermediate approaching the psychological mark at $50.00.
- Immediate support and resistance are aligned at 0.8675 (Apr 26th lows) and 0.8767 (session highs).
Recommendation: Good to sell rallies around 0.8710/20, SL: 0.8770, TP: 0.8675/0.8650/0.8620