The New Zealand Dollar has declined by 0.89% against the Canadian Dollar since the beginning of February. The currency pair tested the lower line of an ascending channel pattern during this week’s trading sessions.
Technical indicators suggest selling signals on the 4-hour time frame chart. Most likely, the exchange rate could continue to edge lower during the following trading sessions.
However, a support cluster formed by the 100–” and 200–” period SMAs at 0.9162 could provide support for the currency exchange rate in the shorter term.