NZD/CAD Posts New Losses

NZD/CAD is down to 0.8901 in today's trading session after the Canadian dollar posts some gains on relatively bearish news regarding the Canadian economy. Core PMI data released yesterday showed -0.1% missing expectations at 0.3%. However, Core Retail Sales turned out to be double than expected at 0.8%.

The Canadian dollar posted gains against all competitors yesterday and transferred the rally to today. However, in the last few hours CAD has been looking relatively weak and losing some grounds against its peers.

Currently, NZD/CAD is standing at 0.8925, slightly higher than its lowest point earlier today. If the pair continues on the downfall, we could be looking at 0.87 as a major support for short term horizon and 0.8640 as a major support on the medium term horizon.

Chart: NZD/CAD H4