The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session.
In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent towards barriers set up by various technical indicators.
Monday’s trading session did not bring any notable changes, as the pair has easily slipped through the weekly PP and S1 as well as the 55-, 100- and 200-hour SMAs.
Since the rate does not have any other barriers on its way, it might reach the bottom edge of the channel already by the end of this trading day.
However, multiple technical indicators suggest that in the upcoming hours the pair will rather move horizontally along the above weekly S1 at 0.9326 and only then slide to the bottom.