NZD/CAD Below 0.91

NZD/CAD was traded below the 1-month low of 0.91 in the early trading hours today. The pair reached a low of 0.9085 and has recovered to a current market price of 0.9119. Although the bearish trend looks intact, it appears that bears are about to start taking profits as we have a short-term support at play.

0.91 acts as immediate support level which may cause bulls to start buying and drive the price to first resistance level at 0.9170. If this level is broken, second resistance is 0.92, then 0.9270.

Long-term resistance is seen at the last high at 0.9540 which is also the quadruple top. We have the CAD Retail Sales and Consumer Price Index scheduled for tomorrow which may cause volatility in the pair.

Chart: NZD/CAD H4