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Short

NZD/CAD breaks major support at 0.8790, good to sell rallies

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZD/CAD has broken major trendline support at 0.8790 and is currently trading around 0.8710.

Technicals on daily charts support downside in the pair. Stochs are biased lower, momentum studies are bearish and MACD line is on the verge of a bearish crossover on signal line.

The pair has slipped below 50-DMA at 0.8821 and major moving averages are biased lower.

CAD continues to derive support from the recovery of crude oil             prices, with the barrel of West Texas Intermediate approaching the psychological mark at $50.00.

While Kiwi pressured lower after Fonterra forecast disappoints markets.

Immediate support and resistance are aligned at 0.8675 (Apr 26th lows) and 0.8767 (session highs).

Good to sell rallies around 0.8710/20, SL: 0.8770, TP: 0.8675/0.8650/0.8620
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