NZDCAD Wave Analysis – 28 August, 2020

• NZDCAD broke resistance level 0.8800

• Likely to rise to 0.8900

NZDCAD continues to rise inside the sharp upward impulse wave ③, breaking today the resistance level 0.8800 (former support from the start of August).

The breakout of the resistance level 0.8800 coincided with the breakout of the 50% Fibonacci retracement of the earlier ABC correction ② from July.

NZDCAD is expected to rise further toward the next resistance level 0.8900 (top of the previous medium-term correction (B)).