NZDCAD Chart Technical Outlook pares losses as risk aversion eases with the broader bearish bias intact, The New Zealand Dollar is trading moderately higher on Friday, favored by a somewhat brighter market sentiment with European and US stock futures pointing out to a positive opening and the Canadian dollar weighed by lower oil prices.
The broader trend, however, remains negative, with the pair posting lower highs and lower lows since mid-July while the monetary policy divergence between the BoC and the RBNZ and annoying concerns about China’s economy, a key New Zealand partner, are likely to add weigh on the pair.
On the upside, the Kiwi is likely to face resistance at the 0.810 area where previous tops meet the 4h 200 SMA and 0.8180. Support levels are 0.8000 and 0.7915.
