The New Zealand Dollar has surged by 2.66% against the Canadian Dollar since May 22. The currency pair breached the 50-, 100– and 200– hour SMAs during this period.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 0.8504. Most likely, a breakout will occur during the following trading sessions.
However, if the channel pattern holds, a surge towards a psychological resistance level at 0.8600 during next week’s trading sessions.
