Technical analysis

NZDCAD Wave Analysis 4 June 2024

– NZDCAD broke resistance level 0.8400

– Likely to rise to resistance level 0.8500

NZDCAD currency pair recently broke strong resistance level 0.8400 (which previously reversed the pair multiple time sin November and December).

The breakout of the resistance level 0.8400 accelerated the active impulse wave 3, which belongs to the higher order impulse wave (C) from the start of March.

Given the bearish Canadian dollar sentiment seen across the FX markets today, NZDCAD currency pair be expected to rise further to the next resistance level 0.8500 (target price for the completion of the active impulse wave 3).

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