NZD/CAD: sell targets - 0.8600 and 0.8500
By: Dmitriy Chernovolov
- NZD/CAD broke daily up channel
- Next sell targets - 0.8600 and 0.8500
NZD/CAD recently fell sharply - breaking through the support trendline of the daily up channel from September (which has enclosed the C-wave of the preceding intermediate ABC correction (B), which was recently stopped by the round resistance level 0.9000). The breakout of this up channel coincided with the breakout of the support level 0.8800 (former resistance level, which stopped wave 4 in August) – which intensified the bearish pressure on this currency pair.
NZD/CAD is likely to fall further inside the active waves 3 and (C) toward the next sell target at the support level 0.8600 - the breakout of which can lead to further losses toward 0.8500.