NZDCAD ON THE DOWN MOVE

Technically, the pair seems to have failed to break above the 2014 highs, and it looks like reversal to the downside may be confirmed. i am seeing a strong rejection(Shooting Star) on the monthly chat  I’ve decided to short the pair after the close of the monthly candle which would be on monday. my initial target would be 0.8650 which is below 38.2% fib.
Fundamentally  I decided to go short the Kiwi on the reversal of last year’s rate hike sentiment, and to do it against the Canadian dollar. Besides already getting a rate cut from the Bank of Canada out of the way, I think the weakness the Loonie saw influenced by the oil crash from $107 to $44 may be overdone; at the very minimum, the risk-to-reward looks more favorable to go long oil and the Loonie than short.  Plus a part of Canada’s strength is often helped (or hurt) by their largest trading partner, the U.S., who seems to be the best of the bunch at the moment (positive economic data and looking to hike