NZDCAD Wave Analysis – 29 November, 2022

• NZDCAD broke key resistance level 0.8340

• Likely to rise to resistance level 0.8475

NZDCAD today broke up sharply above the key resistance level 0.8340 (which has been reversing the price from the start of May).

The breakout of the resistance level 0.8340 accelerated the short-term impulse wave 5 of the sharp intermediate impulse sequence (C) from the start of November.

Given the clear daily downtrend and strongly bearish CAD sentiment, NZDCAD can be expected to rise further toward the next resistance level 0.8475.