NZDCAD Golden Bounce to Pre-Pandemic Highs

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NZDCAD has seen a progressive shift to the upside in recent months, after the bounce at the 61.8% of the 0.9008/0.8018 Fibonacci leg.

Bias turned to the upside after the specified support, as prices look to continue the acceleration. However, a recent bearish divergence noted on the momentum indicator could halt the ascension, as we witnessed a slight downturn.

With both the base and conversion lines of the Ichimoku indicator hanging on to the candles, this could halt another attempt at reaching pre-pandemic levels in the mid-92 region.


A short-term outlook shows that prices are trading in an ascending channel, as the lower regression remains firmly away from the Ichimoku cloud.

The recent hidden bullish divergence seeks to keep the channel in place for the near-term, as intraday trading remains to the upside.

Should another eclipse of the median regression come into play, then recent highs could prevail above the 0.93 level.

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