NZD/CAD may rise 28 - 40 pips

Our pivot point is at 0.8422.

Our preference

As long as 0.8422 is support look for 0.8481.

Alternative scenario

The downside breakout of 0.8422 would call for 0.8401 and 0.8389.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8438 and 0.8424).

Supports and resistances

0.8505 **

0.8493 *

0.8481 **

0.8469

0.8441 last

0.8430

0.8422 **

0.8401 *

0.8389 **

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