yangluo00
Long

Buy NZD/CAD hoping for a breakout

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
39 1 4
Technically the pair NZD/CAD has just broken out from its ~6 week triangle preceded by a bull run. It is likely that the bull trend starting from May this year will continue. Moreover, on the weekly chart, the pair is at the final stage of forming a massive inverse head and shoulder pattern, which can be interpreted as a bullish continuation patten.
Fundamentally the recent weak oil             price action may have further negative impact on the CAD, considering that OPEC is not going to decrease its oil             production.
bad analysis
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