NZD/CAD chart on Trading View used for analysis
- NZD/CAD pauses downside at cloud top, finds support also at 110-EMA at 0.8911.
- The pair is extending weakness for the 3rd straight week, bias remains bearish.
- Momentum with the bears. RSI is below 50 and biased lower. MACD supports weakness.
- The pair has broken below 55-EMA support and is on track to test 200-DMA at 0.8891.
- Violation at 200-DMA will see further weakness. Next major bear target lies at 50% Fib at 0.8789.
- 55-EMA is immediate resistance at 0.8983. Breakout at 200W SMA at 0.9070 could see further upside.
- Focus will be on the Bank of Canada (BOC) rate decision (due Wednesday) for further impetus.
Support levels - 0.8926 (cloud top), 0.8891 (200-DMA), 0.8789 (50% Fib)
Resistance levels - 0.8975 (5-DMA), 0.8983 (55-EMA), 0.9035 (23.6% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.