NZDCAD Wave Analysis – 19 October, 2021

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• NZDCAD broke resistance area

• Likely to rise to resistance level 0.8900

NZDCAD currency pair earlier broke the resistance area lying between the resistance level 0.8800 (which stopped the previous minor correction (iv) at the start of October) and the 38.2% Fibonacci correction of the downward impulse from September.

The breakout of this resistance area accelerated the active impulse wave (c) of the long-term ABC correction 2 from the start of October.

NZDCAD can be expected to rise further toward the next resistance level 0.8900 (target price for the completion of the active ABC correction 2).

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