NZD/CAD: at 1-year highs

In December 2019, NZD/CAD traded at 0.8800. Since then, it never came close to that mark. In May, however, it made confident move upwards and eventually traded the entire June right below that resistance. It seems that the risky side finally took over and pushed NZD/CAD above that mark.

Currently, it is looking at 0.8870 - that is a strategic resistance left by July 2019. Very likely, a consolidation or sideways movement will occur at that level similar to how it was below 0.8800. After that, it will probably be crossed upwards. Watch out for possible downward reversals, though, - key levels like changing the direction.

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nzd - new zealand dollar

cad - canadian dollar

technical analysis

Author: FBS Analyst Team

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