FxWirePro: NZD/CAD pauses upside at 61.8% Fib, good to stay long above 0.9078

NZD/CAD chart on Trading View used for analysis

• NZD/CAD is trading 0.32% lower on the day after opening with a bearish gap.
   
• The pair has retraced from 5-month highs of 0.9061 hit on Friday's trade.
   
• Sharp decline in energy prices and sudden doubts about the passage of the revised NAFTA deal through a Democrat led Congress are weighing on the Canadian dollar.
   
• Breakout above 200-DMA has raised scope for further upside. Momentum studies are bullish.
   
• 200W SMA at 0.9078 is next major resistance above 61.8% Fib. We see scope for further upside on break above.
   
• On the flipside, retrace below 200-DMA will negate bullish bias. 

Support levels - 0.8998 (5-DMA), 0.8933 (200-DMA)

Resistance levels - 0.9061 (61.8% Fib), 0.9078 (200W SMA)

Recommendation: Watch out for break above 200W SMA to go long, target 0.9225/ 0.9262

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.