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NZD/CAD 4H Chart: Bounces Off Support

The New Zealand Dollar has surged by 1.71% against the Canadian Dollar since last week’s trading sessions. The currency pair bounced off from the lower line of an ascending channel pattern at 0.9050 on January 20.

As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of the channel pattern is likely to occur during the following trading sessions.

However, the weekly R2 at 0.9211 could provide resistance for the NZD/CAD currency exchange rate in the short-term.

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