NZDCAD under bearish pressure right now – after the earlier breakout of the important support level 0.8370 (which stopped the previous sharp impulse wave 3 at the end of August). The price earlier reversed down from the strong resistance level 0.8500 – which started the active impulse wave 3 of the longer-term impulse sequence (C). The pair is currently moving inside the two nested downward channels – the latest down channel reflecting the accelerated downward movement – signalling further losses for the pair. With the moderate bearish sentiment affecting the New Zealand dollar today – NZDCAD is likely to fall further toward the next powerful support level 0.8300 (multi-month low from October).