NZDCAD Wave Analysis – 18 July, 2019

• NZDCAD rising inside impulse wave (1)
• Further gains are likely

NZDCAD continues to rise sharply inside the short-term impulse wave (1), which previously recently broke the pivotal resistance level 0.8790 (which also reversed the price at the end of June).

The breakout of this resistance level was preceded by the breakout of the daily down channel from the end of March – which strengthened the bullish pressure on this currency pair.

NZDCAD is expected to rise further and retest the next resistance level 0.8880 (target for the completion of the active impulse wave (iii)).