NZDCAD Wave Analysis – 11 March, 2022

• NZDCAD reversed from resistance level 0.8750
• Likely to fall to support level 0.8650

NZDCAD recently reversed down from the key resistance level 0.8750 (which has been reversing the price from the start of December).

The resistance zone near the resistance level 0.8750 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from September.

Given the clear daily downtrend – NZDCAD can be expected to fall further toward the next round support level 0.8650 (target for the completion of the active corrective wave 2).