Technical analysis

NZDCAD Wave Analysis 21 May, 2021

• NZDCAD under bearish pressure

• Likely to fall to support level 0.8625

NZDCAD under the bearish pressure after breaking the key support level 0.8665 (low of the previous impulse wave 1 from the start of May).

The breakout of the support level 0.8665 accelerated the active impulse waves 3 and (5).

NZDCAD is likely to fall further toward the next support level 0.8625 (multi-month low from the middle of October).

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