The New Zealand Dollar has been trading in an ascending channel pattern against the Canadian Dollar since the middle of August. The currency pair tested the 0.8850 level last week.

All things being equal, the exchange rate could continue to edge higher during the following trading sessions. The potential target for bullish traders would be at the weekly R2 at 0.8914.

However, given that the currency exchange rate is currently trading near the lower boundary of the ascending channel pattern, a breakout could occur during the following trading sessions.

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