The New Zealand Dollar has edged higher by 188 pips or 2.25% against the Canadian Dollar since this week’s trading sessions. The currency pair breached the 50-, 100– and 200– period SMAs on May 19.
Everything being equal, the NZD/CAD exchange rate could continue to trade bullish during the following trading sessions. The possible target for the pair would be near the monthly R1 and the weekly R2 at 0.8652.
On the other hand, the currency exchange rate could make a brief retracement towards the 50– and 200– period SMAs at 0.8469 in the shorter term.
