The NZDCAD pair has been experiencing continued bearish pressure, recently declining below the 0.8248 level. This has resulted in significant losses, with the price approaching the key support line at 0.8130. The next movement will largely depend on the strength of this support. If it holds, there could be a potential for the price to recover and generate bullish waves, targeting resistance levels at 0.8170 and 0.8205.
Conversely, a decline below the 0.8130 support line and a negative close would signal a continuation of the bearish trend, potentially leading to further losses. In this scenario, the price could drop towards 0.8105 and subsequently test the next support level at 0.8080.
The anticipated trading range for today is between 0.8130 and 0.8170.
Trend Forecast: Bullish
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