NZDCAD currency pair recently broke the resistance area located between the pivotal resistance level 0.87850 (which reversed the price at the start of October) and the 38.2% Fibonacci correction of the previous sharp downward impulse (C) from September. The breakout of this resistance area accelerated the active impulse wave (1). Given the rising bullish New Zealand sentiment seen across the FX markets today – NZDCAD currency pair can be expected to rise further toward the next resistance level 0.89000 (former multi-month high from July).
