A Reversal happening in Descending Channel of NZDCAD

NZDCAD Downtrend Analysis

NZDCAD is moving in a downtrend forming lower highs, lower lows in Weekly Chart.

A Clear Descending Channel is formed on NZDCAD currency pair.

Right now, NZD CAD reached the top level of the down trend line for 5th time and it starts to reverse.

On June month, we told our users to wait for the confirmation of reversal or breakout. You can see our previous analysis here.

nzdcad down trend line analysis in weekly chart

In Aug 2020, NZDCAD starts to fall from this top zone of the descending channel.

nzdcad weekly descending channel reversal

New Zealand is one of the first countries to win the battle of Coronavirus and reopen its economy. 

This made New Zealand Dollar stronger continuously and it’s looking very attractive to investors worldwide.

However, Now Canadian Economy starts to get strong due to crude oil recovery.

Now, NZDCAD starts to make a correction which looks like a reversal now on descending channel.

However, the NZDCAD have more chances to break this descending channel soon. 

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