NZD/CAD Keeps Sliding

The Canadian dollar is showing massive signs of strength while other currencies are struggling to post gains in the warm summer months. NZD/CAD reached levels around 0.90 and is currently trading at 0.9026.

The Canadian dollar has been flexing muscles since the beginning of June when the NZD/CAD pair was 0.9780. CAD/JPY has gone up substantially during the same period of time going from 80.80 to 89.80. USD/CAD also registered major drop with more than 10 cents.

The Canadian dollar rally seems far from over as it has already broken a few support lines to the downside and a few resistance lines to the upside.

As to the NZD/CAD, support is expected at 0.8830. Second support is seen at 0.8500. On the upside potential is limited to first bull target at 0.9200.

Chart: NZD/CAD D1