NZD/CAD may rise 40 - 60 pips

Our pivot point is at 0.8374.

Our preference

Look for a drop towards 0.8374 before a bounce.

Alternative scenario

The downside breakout of 0.8374 would call for 0.8341 and 0.8322.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8400 and 0.8397).

Supports and resistances

0.8502 **

0.8483 *

0.8464 **

0.8444

0.8404 last

0.8386

0.8374 **

0.8341 *

0.8322 **

Number of asterisks represents the strength of support and resistance levels.