The New Zealand Dollar has been edging higher in an ascending channel pattern against the Canadian Dollar since the middle of March. The currency pair tested the 0.8550 area during last week’s trading sessions.
Currently, the exchange rate is trading near the bottom border of the ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 0.8100 area could be expected within the following trading sessions.
However, if the channel pattern holds, the currency exchange rate would continue to trend bullish in the nearest future.
