NZDCAD has been dovish since a long while now because of the loonie gaining strength around the market pulling most of the pairs into the over sold zones with probability of further down side momentum. At the current point in the market we are expecting a corrective bullish structure to complete i.e wave 'c' to alter the market conditions and provide us with further visibility of the kiwi/loonie sentiments. RSI under the weekly chart is trading below 46.0 or i would say the 50.0 level which balances the equilibrium of the pairs strength and portray its further destination over the chart. As we can observe that NZDCAD is has been obeying our bearish channel and has been trading within since the bearish ralley had begun and we are looking forward to further price action to provide us with a clear structure to follow. 

0.86000 is the current lowest low with the strong price action and supply and demand zone which if broken - will drive the pair towards 0.85700. The monthly pivot has adjusted its position at 0.86827 which is acting as a strong support, preventing the pair from moving onto the down side. 

RSI and MACD are not on the same page in terms of giving us clear hints regarding the markets move because RSI in daily chart is positioned at 50.0 while MACD is portraying bearish sentimenets. I would suggest in terms of finding the momentum and strenth of NZDCAD to let an impulsive flucatuation take place which might readjust the RSI and MACD providing us with a clear indication that the technicals are adjoining for a single move rather than volatility in the market. 

At the moment the pair is stuck between weekly and daily pivots, to find out the next 5 wave structure of the pair we would suggest to wait until a breakout is found or an exit from our channel onto the bullish side which will provide throttle towards our temporary daily resistance. Somehow if the daily resistance is breached, 0.88363 will be our final destination for the correction to be completed and afterwards we will update the next stop once a clear impulse is found at one side. 

If the pair move below our weekly and daily pivots, monthly pivot will be our next stop and any further breakout will provide the final destination at its lowest lows under daily chart i.e 0.86000 which can be taken as a good buying opportunity. 

NZDCAD D1

Jul 13 2021