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. 

Get Each forex signal with Chart Analysis and Reason for buying or selling the trade which helps you to Trade with confidence on your account.

If you like to receive more best forex signals and analysis at an accurate time, subscribe to premium or supreme signal plan here: forexgdp.com/forex-signals/

How to trade chart patterns, Read the Chart patterns strategies here.

If you need any help or have any questions, please click here to contact now.


Forex GDP team provides High Quality Forex signals services exclusively to all type of traders around the world. Each signal given with chart analysis that helps you to trade with confidence on your account. Forex GDP team worked with Major banks, Financial Institutions, Liquidity providers, Forex brokers in different job positions such as Equity Dealer, Fund Manager, Senior Market Analyst, Risk Manager and other major roles in Forex Trading Companies. Try free now to see the quality trades on your account.

Don't trade all time, Trade Forex only at Confirmed Setup