The New Zealand dollar against the Canadian dollar pair witnessed a decline in today’s session at the level of 0.8293, as the movement of the pair is still upward and the trend is towards buying according to the rates of movement and technical indicators.
The relative strength index is at 62.42 showing strong buying movement just below the overbought zone. the possibility is heading towards the continuation of the movement by fluctuating between slight declines but with rebound and rapid recovery, kind of like what happened in the previous readings.

The upcoming data that will cast a shadow on the movement of this pair is represented by the interest rate decisions taken by the Reserve Bank of New Zealand that are supposed to be issued tomorrow, as it is expected to remain at the same previous level of 5.5% in addition to Canadian current account data expected on Thursday.
The New Zealand dollar had topped the list of winning currencies a week ago thanks to strong economic data in China, as these data reinforced indicators of expanding growth in the Chinese economy during the fourth quarter of this year, after growing better than expected during the third quarter, and the Chinese economy is considered the largest trading partner for the New Zealander economy.

As for the Canadian dollar, it rose three days ago following the release of positive economic data in addition to the weakness of the US currency, which eased pressure on commodity currencies.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.