The NZDCAD price formed correctional bullish rebound recently after facing 50% Fibonacci correction level at 0.8035, in addition to stochastic rally towards 80 level, to notice recording some gains by settling near 0.8105.

 

Note that the current rebound won’t affect the main bearish track due to the frequent stability below 0.8240 resistance line in addition to the MA55 crawl below this resistance, thus, we will keep waiting to gather the negative momentum to manage to renew the pressure on 0.8035 level, while breaking it will open the way to target new negative stations, starting at 0.7980 as a first additional target.

 

The expected trading range for today is between 0.8035 and 0.8145

 

Trend forecast: Bearish