NZDCAD Bullish, dip buy opportunity targeting 0.85400

The NZDCAD pair has hit the 1D MA50 (blue trend-line) yet again today and remains under Resistance 1 (0.84300) since July 14 2023, having multiple rejections on it. We do see however the potential for the emergence of a Channel Up, as the 1D RSI is printing the same pattern as the October 20 2023 Low, which initiated a Bullish Leg.

If the Channel Up prevails, that can be its new Bullish Leg to a Higher High. As a result we turn bullish on the pair, aiming for Resistance 2 at 0.85400.


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