FxWirePro: NZD/CAD rejected at session highs, further weakness only on break below 50-DMA at 0.9377

• The Canadian dollar supported as oil jumps on the prospects of longer extension of the output cut deal.
   
• Kiwi losing upside momentum on mixed Chinese data dump released earlier today.
   
• China’s April industrial production rose 6.5% y/y in April, missing the estimate of 7.1%. 
   
• China's retail sales jumped 10.7%, beating the estimate of 10.7%. Urban investment growth dropped to 8.9% from 9.2%.
   
• NZD/CAD has shown a decisive break below 200-DMA on Thursday's trade and Technical indicators are biased lower.
   
• Downside is holding 50-DMA support at 0.9377, break below finds next strong support at 0.9350 (trendline).
   
• We see scope for test of 0.9317 (Apr 27 low) on break below 50-DMA at 0.9377. Further weakness will drag the pair lower to 0.9175 (trendline).
   
• Bearish divergence on RSI adds to downside bias, Stochs are biased lower. Bearish invalidation on close above 200-DMA at 0.9448.

Support levels – 0.9377 (50-DMA), 0.9318 (Apr 27 low), 0.9278 (Mar 31 low)

Resistance levels – 0.9418 (5-DMA), 0.9431 (20-DMA), 0.9448 (200-DMA)