The NZDCAD currency pair has recently experienced a series of corrective bearish movements. The price encountered resistance at the 38.2% Fibonacci retracement level, located at 0.8480, leading to a temporary decline towards the 0.8310 level, where it is expected to test the 55-period moving average (MA55).
Despite the recent bearish waves, stability above the additional support level at 0.8260 and the MA55 suggests that there is potential for the pair to gain positive momentum. This could activate a bullish trend targeting the 0.8400 level initially, with further potential to challenge the 0.8480 resistance.
The expected trading range for today is between 0.8310 (support) and 0.8400 (resistance).
Trend Forecast: Bullish
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