NZDCAD Buy opportunity at the bottom of the 1-year Channel Up.

7 Kas

The NZDCAD pair hit our 0.85650 Target as discussed on our last idea (August 22, see chart below) and then got immediately rejected:

The rejection initiated the Bearish Leg of the 1-year Channel Up and the price is approaching once more the bottom (Higher Lows trend-line) of the pattern. The previous 2 Higher Lows were priced on the 0.236 Fibonacci retracement level, which is slightly below, but the 1D MACD is forming a Bullish Cross today, which has been an absolute buy signal this past year.

As a result, we turn bullish on this pair, targeting Resistance 1 at 0.86450.

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