NZD/CAD 1H Chart: Channel DownNZD/CAD 1H Chart: Channel Down
The New Zealand Dollar is losing value against its Canadian counterpart in a short-term tiny descending channel began to form after a 50-pip appreciation of the Loonie last Friday.
Until this point, the currency rate was confidently moving to the south, crossing all barriers on its way.
Most probably, the pair will continue the fall, as it has no other obstacles on its way in the next 118 basis points range.
On the other hand, there is need to remember that such narrow channel are very sensitive to fundamental events and might be broken even from the not very significant news.
