NZD/CAD rejected 50% Fibs (0.9506) and 200-Moving Average, suggesting that a downtrend is about to continue. Today the pair broke below the 50-Moving Average which could be a trigger for sellers to get into the short positions.
Based on our previous analysis, consider holding short positions from 0.9500, targeting either 23.6% (0.9410) or 0% Fibs (0.9327). The stop loss can be placed just above this week high - 0.9530.
Support: 0.9411, 0.9327
Resistance: 0.9464, 0.9506, 0.9548
