NZD/CAD: buy target - 0.9600
By: Dmitriy Chernovolov
- NZD/CAD reached buy target 0 .9300
- Next buy target - 0.9600
NZD/CAD recently broke above the resistance zone lying between the resistance level 0.9300 (which reversed the earlier minor correction 4 in April and which was set as the buy target in our previous forecast for this currency pair) and the 78.6% Fibonacci correction of the previous sharp downward impulse wave ① from the end of March, as you can see below. The breakout of this resistance zone accelerated the active (C)-wave of the primary ABC correction ② from August.
NZD/CAD is likely to rise further in the active waves (C) and ② toward the next buy target at the next resistance level 0.9600 (previous multi-month high from March).