NZD/CAD is testing key support of a 5-month double top pattern. Given the size of the prior swings within its downtrend, this could be a pair well worth monitoring for a major break lower over the coming week/s.
Seasonally, April and May tend to be bearish months for NZD/CAD and price action is doing its upmost to maintain this tendency. Furthermore, price structure on the weekly chart points to the potential for further downside if incoming data (and CB meetings) allow.
With BOC meeting up tomorrow then we should allow for some noise around current levels. But, if the bigger picture is to be believed, we may need to watch out below.
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