NZDCAD Wave Analysis – 4 May 2023     

• NZDCAD broke daily down channel

• Likely to rise to resistance level 0.8570

NZDCAD currency pair recently broke the resistance trendline of the daily down channel from December (which encloses the previous intermediate ABC correction (B)).

The breakout of this down channel continues the minor impulse wave 3 of the intermediate impulse wave (B) from the middle of last month.

NZDCAD can be expected to rise further toward the next resistance level 0.8570 (which reversed the pair multiple times in March, target price for the completion of the active impulse wave 3).