NZDCAD broke key support level 0.8500

• NZDCAD broke key support level 0.8500
• Further losses are likely

NZDCAD opened this week with the sharp downward gap which broke through the key support level 0.8500 (which stopped the sharp downward impulse wave (i) at the start of September).

The breakout of the support level 0.8500 continues the active short-term impulse wave (iii) – which belongs to the impulse wave C from the end of June.

NZDCAD is expected fall further and retest the next round support level 0.8400 (target price for the completion of the active impulse wave (iii)).