Support at 0.9300 helped NZDCAD on the beginning of Monday’s trading, it rebounded up like a bunny. Movement was quite dynamic and in a few hours the price has gained 70 pips reaching the first resistance level at 0.9380. If this level is broken than next resistances are at levels: 0.9420, 0.9470, 0.9510, 0.9600.
I showed on the H1 chart a downward trend line (orange colour), which coincides with the resistance level 0.9420. Test of this level and returning to falls may be the scenario played out on NZDCAD. If actual rebound will not hold and NZDCAD will return to declines than after breaking support at 0.9300, quickly will be tested 0.9260 level. In this case, price of this pair will reach the lowest value since the end of July 2016.
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