NZD/CAD holds strong support at 0.8778, short on breaks below

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
94 0 5
NZD/CAD is holding above strong trendline support at 0.8778, breaks below could see test of 0.8710.

Weekly charts show that downtrend for the pair is intact and we see scope for tests of 85.85 in the medium-term.

Technical indicators on daily charts are biased lower, Stochs and RSI convergence seen with price action.

On the fundamental side, analysts feel oil             prices have bottomed out and will gradually edge higher to trade in the $40-$50 range in the medium-term.

Rising oil             price and improving macro-economic conditions in the U.S. is likely to keep the Loonie supported.

NZD outlook is biased to the downside, but we do not see an imminent catalyst, particularly with local data still robust

Go short NZD/CAD on break below 0.8775, SL: 0.8850, TP: 0.8715/0.8685/0.8630
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