The New Zealand Dollar has declined by 141 pips or 1.52% against the Canadian Dollar since January 6. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading sessions. A breakout through the lower line of a narrow descending channel pattern could occur.
However, the 200– period simple moving average at the 0.9100 area could provide support for the currency exchange rate in the shorter term.
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