The New Zealand has appreciated substantially against the Canadian Dollar since early December, thus forming an ascending channel. This pattern is a part of a senior channel whose upper boundary circa 0.91 was tested on January 11; this mark is likewise a five-month high.
The Kiwi has since reversed from the given area and initiated trading lower. If looking at the pair’s movement within the following two weeks, it should approach a trend-line near the 0.8960 mark.
Meanwhile, technical indicators suggest that the rate might still appreciate today. However, it does face a significant resistance cluster formed by the 55– and 100-hour SMAs and the monthly R1. Thus, the base scenario favours a minor price increase until 0.91 where the bearish sentiment should take the upper hand and prevail for several sessions.