NZD/CAD Is Retracing

NZD/CAD has been forming a very clear retracement to the upside ever since the pair found some support at 0.8850 and bounced off from it. Currently the pair is testing the resistance at 0.9150 and it may bounce off from that level as well, considering the candlestick it formed there, namely a shooting star one on the daily time-frame. If or when it bounces off from that resistance level next target will likely be at 0.9000, or perhaps even below that level. Obviously, the candlestick in question does not necessarily mean that the retracement to the upside is over – if the pair breaks out above the aforementioned resistance it could continue rising towards 0.9200 and above.