NZDCAD Wave Analysis – 29 August, 2019

• NZDCAD broke daily down channel
• Further losses are likely

NZDCAD recently broke below the support trendline of the extended daily down channel from March – which encloses the active long-term ABC correction ②.

The breakout of this down channel follows the earlier breakout of the key support level 0.8500 – which stopped the previous impulse wave 1.

NZDCAD is expected to fall further and retest the next support level 0.8300 (target price for completion of active ABC correction ②).