NZDCAD - Start of a new trend

NZDCAD (D) - medium term bullish bias

The bullish RSI divergence at the end of September was a sign that the downtrend had over-extended. After a four-week-long consolidation, the kiwi lifted offers near the key resistance level of 0.8430. The bullish MA cross was a solid confirmation that buyers have taken control of the price action. The initial impulse found support at the 61.8% (0.8360) Fibonacci retracement level, and we expect the pair to continue its way up as more interests shift to the upside.

Key support: 0.8370
Key resistance: 0.8700