NZDCAD recently broke above the key resistance level 0.89350 (top of the previous short-term impulse wave (iii)). The breakout of the resistance level 0.89350 continues the active (v)-wave of the extended upward impulse wave C from the middle of May. Given the strongly positive New Zealand dollar sentiment seen across the FX markets today – NZDCAD is likely to extend the gains toward the next resistance level 0.90500 (forecast price for the completion of the active impulse wave C).