The New Zealand Dollar has declined by 160 pips or 1.82% against the Canadian Dollar since October 1. The currency pair tested the 0.8650 level during yesterday’s trading session.
Technical indicators suggest selling signals on the 4-hour and daily time-frame charts. Therefore, bears could continue to pressure the NZD/CAD exchange rate lower during the following trading sessions.
However, the currency exchange rate could make a brief retracement towards the 0.8768 in the shorter term.
