• NZDCAD reversed from support zone
• Likely to rise to resistance level 0.8750
NZDCAD currency pair recently reversed up from the support zone lying between the long-term support level 0.8635 (which has been reversing the price from October) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily candlesticks reversal pattern Bullish Engulfing – which stopped the previous short-term impulse wave 3- which is a part of the sharp intermediate downward impulse sequence (3) from April.
Given the strength of the aforementioned support level 0.8635 and the strengthening NZD bullishness seen across the currency markets today – NZDCAD currency can be expected to rise further toward the next resistance level 0.8750.