NZD/CAD May Start Falling

NZD/CAD has been slowly moving to the upside ever since the pair found some support at 0.8640 and bounced off from that level at the beginning of November last year. Last week the pair finally reached the (MA)89 indicator on the weekly time-frame, which is at 0.9130 and although it did briefly break out above it quickly retraced back below the aforementioned resistance and formed a clear shooting star candlestick on the weekly time-frame. Such a candlestick, formed below a strong resistance level like that indicator, is a likely signal for a move to the downside. If that move begins the closest target will probably be around 0.8965, which is the same indicator, but on the daily time-frame.