NZD/CAD at Resistance

NZD/CAD reached resistance for a sixth time. This is the reality in the currency market. Probably most of the people would think that it is impossible for a pair to reach a certain level six times and not be able to break it. But the chart shows that NZD bulls are unable to win the argument for a sixth time.

Today the pair reached resistance at 0.9530 and withdrew to lower levels. The positive Canadian data published yesterday was not enough to turn the tide and the pair appreciated further. As we can see, NZD/CAD is strongly bullish since April this year and if we can get a break above 0.96, this would imply that a continuation of the bull run is the most likely scenario.

Until then, simply watching the tape brings enough pleasure.

Chart: NZD/CAD D1