NZDCAD Wave Analysis – 11 August, 2020

• NZDCAD broke key support level 0.8800

• Likely to fall to 0.8700

NZDCAD recently broke below the key support level 0.8800 (former strong resistance from June), which coincided with the 38.2% Fibonacci retracement of the previous upward impulse from last month.

The breakout of the support level 0.8800 accelerated the active downward impulse wave C of the ABC correction (2) from the end of June.

NZDCAD is likely to fall further toward the next support level 0.8700 (target price for the completion of the active sub-impulse (i)).