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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.
