NZD/CAD Price Analysis: Bulls testing bearish commitments at the POC

• NZD/CAD bears in control with price on the way to making a lower low.
• A revisit to the POC and rejection will open prospects of a break of Dec support.

In a follow-up to the analysis conducted at the start of the week in the Asian open, NZD/CAD Price Analysis: Prospects of a 61.8% retracement below 0.8980, the swing trade’s breakeven point has been achieved. 

4-hour chart

For a reminder of the setup, the monthly chart was embarking on a 38.2% Fibonacci retracement:

Daily chart

(13.12.2020)

So far, so good…

(15.12.2020)

Meanwhile, as illustrated in the hourly chart, the price is making its way back towards the prior session’s point of control at 0.9011.

This is where offers would be expected to keep the market in check within a bearish channel.