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  • NZD/CAD has burst to the upside from a key support structure, en-route to the target. 
  • NZD/CAD is playing out in a bullish continuation.

In a continuation of the following analysis from Thursday’s Asian session, NZD/CAD Price Analysis: Bulls look for a break of critical resistance, the price has played out according to the trade-plan, so far. 

As a recap, in the prior analysis, an opportunity on the daily time frame was identified for a long entry on a buy limit from the 4-hour structure for a discount. 

Daily chart

4-hour chart

Meanwhile, the price action since the analysis has played out as follows:

As it stands, the price has rallied strongly and would be respected to correct. 

However, it would be prudent to move the stop loss to breakeven at this juncture for a risk-free position that has the potential to return 3X.