NZD/CAD 4H Chart: Decline Likely To Continue

The New Zealand Dollar has declined by 2.61% against the Canadian Dollar since March 1. The NZD/CAD currency pair was pressured lower by the 50–” period simple moving average during this period.

Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the exchange rate could continue to edge lower in a descending channel pattern during the following trading sessions.

However, the weekly support level at 0.8981 could provide support for the currency exchange rate this week.