NZDCAD Wave Analysis – 19 August, 2022

• NZDCAD broke daily up channel

• Likely to fall to support level 0.8000

NZDCAD recently broke the support trendline of the daily up channel from the middle of July (which encloses the previous intermediate ABC correction (2)).

The breakout of this up channel from should accelerate the active medium-term downward impulse wave (3).

Given clear multi-month downtrend – NZDCAD can be expected to fall further toward the next round support level 0.8000 (low of the earlier wave B from last month).