• NZDCAD reversed from key resistance level 0.8750
• Likely to fall to support level 0.87000
NZDCAD currency pair recently reversed down from the key resistance level 0.8750 (top of the previous short-term correction (ii) from the start December) – intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward price impulse (1) from the start of November. The downward reversal from the resistance level 0.8750 stated the active impulse wave (iii).
Given the clear daily downtrend, NZDCAD currency pair can be expected to fall further in the active impulse wave (iii) toward the next support level 0.87000 (which has been reversing the price from the middle of December).