• NZDCAD broke resistance area
• Likely to rise to resistance level 0.8900
NZDCAD currency pair continues to rise after breaking the resistance area lying between the key resistance level 0.8790 (top of the previous upward correction B pivot from the end of June) and the 50% Fibonacci correction of the previous sharp downward correction (2) from the middle of July. The breakout of this resistance area accelerated the active medium-term impulse wave (3).
Given the strongly bullish new Zealand dollar sentiment seen across the forex markets today , NZDCAD currency pair can be expected to rise further toward the next resistance level 0.8900 (top of the previous short-term impulse wave (1) from the middle of July).