NZD/CAD Price Analysis: Bears seeking downside daily extension

• NZD/CAD bears are taking control with eyes on a break of daily support. 
• Bulls are seeking an hourly correction to test bear's commitments at critical resistance. 

The following analysis illustrates that the price is on the verge of a downside extension to target weekly support.

Daily chart

As illustrated, the price is moving lower following a test of the 38.2% Fibonacci retracement. 

Hourly chart

The bulls, meanwhile are targeting a correction of the daily bearish impulse towards a significant Fibo confluence level.