The NZDCAD currency pair has recently experienced a short-term bullish correction, bouncing off the 50% Fibonacci retracement level at 0.8035. This rebound coincided with a stochastic rally toward the 80 mark, pushing the price to settle near 0.8105.
However, despite this brief uptick, the overall bearish trend remains intact. The price continues to trade well below the 0.8240 resistance level, and the 55-period moving average (MA55) has failed to breach this key level, suggesting the downside momentum is still dominant.
With the price action remaining under the resistance and the stochastic indicators signaling exhaustion, the focus remains on the bearish bias. A further decline towards the 0.8035 level is anticipated, with a potential break below this support opening the door for additional downside targets, starting with 0.7980.
Expected Trading Range: 0.8035 to 0.8145
Trend Forecast: Bearish
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