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NZDCAD: Keep This on Your Radar Next Week
As I type this, the NZDCAD is testing 4-hour ascending channel support for the third time since its inception on May 23. I’ve written about this type of price action in the past. Whenever a market begins to lean on a support level like this, it usually suggests that a breakdown is imminent. You can even see how the June 5 high failed to reach channel resistance. This was the first time the NZDCAD didn’t tag the channel top before retreating lower. I pointed this out in the member’s area yesterday as a sign of potential weakness. Fast forward to today, and you can see how the pair is struggling to move away from ... (full story)