- NZD/CAD has hit new highs for September at 0.9083 after breaking major trendline resistance at 0.90.
- Technical indicators support upside in the pair, we see scope for further gains.
- RSI and stochs are biased higher and MACD is showing a bullish crossover on signal line.
- Next bull target lies at 50-DMA at 0.9136. Violation there will see further upside.
- Oil remains supported after the Iraqi oil minister said OPEC and its partners were considering extending supply cuts.
- Rise in oil prices could keep the CAD supported and hence limit upside in the pair.
Support levels - 0.90 (trendline), 0.8981 (5-DMA), 0.8924 (20-DMA)
Resistance levels - 0.9113 (Aug 29 high), 0.9136 (50-DMA), 0.92
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-holds-major-trendline-support-breaks-20-DMA-at-08921-bias-higher-906162) is progressing well.
Recommendation: Hold for targets.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 47.8689 (Neutral), while Hourly CAD Spot Index was at -24.9383 (Neutral) at 0415 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
