NZD/CAD Is Bullish

NZD/CAD had been retracing over the course of the past week or so, but the pair finally found support at 0.9290 and formed a pair of telling candlesticks above that support, namely a spinning top candlestick and an inverted hammer candlestick, both on the daily time-frame. Consequently, the pair today started moving to the upside and it is still quite bullish. The move to the upside is likely to continue and the closest target is likely at 0.9470. If the pair breaks out above that resistance level will likely continue rising towards the last high, which is at 0.9515. A breakout, in turn, above that high could lead to a rally towards 0.9600.