– NZDCAD reversed from support level 0.8400
– Likely to rise to resistance 0.8500
NZDCAD currency pair recently reversed up with the daily Piercing Line from the support level 0.8400 (former strong resistance from November, December and May).
The support level 0.8400 was strengthened by the nearby 20-day moving average and by the 50% Fibonacci correction of the previous upward impulse from May.
Given the clear daily uptrend, NZDCAD be expected to rise further to the next resistance 0.8500, top of the Evening Star from the start of this month.
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