The NZDCAD currency pair has recently experienced a bullish correction, prompted by positive stochastic indicators. This upward movement tested the 0.8260 resistance level, though the price ultimately settled just below it, moving towards 0.8215. This confirms the continuation of the previously suggested bearish outlook.
Moving forward, we anticipate a period of sideways trading, with the 55-period moving average (MA55) acting as temporary support around the 0.8180 level. This consolidation will likely allow the pair to gather negative momentum, facilitating a potential break of this support level. A successful breakdown could pave the way for further declines, with target levels near 0.8135 and 0.8080.
The expected trading range for today is between 0.8240 and 0.8135.
Trend Outlook: Bearish
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