NZD/CAD has broken below strong trendline support at 0.9075 and hit fresh 2-month lows at 0.8887 in today's trade.
- Next support for the pair lies at 0.8850, breaks below could see downside upto 0.8780 levels.
- Techs point further downside, RSI and MACD are biased lower. Price action well below the cloud and we see a 5-DMA bearish crossover on 10-DMA.
- Immediate support lies at 0.8887 (session lows) and then 0.8850 (Dec 2nd lows).
- Resistance on the upside is seen at 0.8932 (channel base) and the 0.8948 (Dec 7th highs).
- Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-upside-capped-at-09226-good-to-sell-rallies-166398) has hit targets.
Recommendation: Book profits and exit trade. Good to take fresh shorts below 0.8850, then target 0.88/0.8730
