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NZD/CAD chart on Trading View used for analysis
- NZD/CAD has hit 5-month highs at 0.9134 on Wednesday's trade, bias higher.
- The pair is extedning a bounce off strong support at 200-DMA and has broken above 61.8% Fib retracement.
- Price action has broken above stiff resistance at 200W SMA at 0.9077, raising scope for further gains.
- Momentum strongly bullish on the daily charts. Technical studies are turning bullish on weekly charts.
- Impressive upside economic surprises from New Zealand, such as jobs/CPI and GDP likely to support the kiwi.
- Next bull target lies at 0.9227, while we see weakness till 0.88 on break below 200-DMA.
Support levels - 0.9077 (200W SMA), 0.9061 (61.8% Fib), 0.9039 (5-DMA)
Resistance levels - 0.9227 (June 2018 high), 0.9262 (78.6% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
