NZDCAD recently reversed down sharply from the resistance zone lying between the resistance level 0.85600 (which has been reversing the price from the middle of March), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from December. With the moderately bullish Canadian dollar sentiment seen across the markets today, coupled with extreme New Zealand bearishness– NZDCAD is likely to extend the losses toward the next support level 0.84000 (which stopped the earlier waves (iv) and (ii)).