NZD/CAD could find a top around 0.8930

NZD/CAD could find a top around 0.8930

NZD/CAD managed to make a rebound above the May 17th lows and it’s currently making a retracement from the decline held since May 8th. So, far, the pair is approaching the Fibonacci level of 50% at 0.8933, where a pullback is likely to happen in order to resume the bearish bias and put the focus towards the -23.6% Fibo zone at 0.8715. However, if the 0.8978 level gives up, then it can do a rally to test the highs from May 8th at 0.9081.

RSI indicator stays in the overbought territory, favoring to a pullback

NZDCADH1.png

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