NZDCAD recently reversed down with the daily Shooting Star from the resistance area lying between the resistance level 0.87000 (former support from June), intersecting with the 38.2% Fibonacci correction of the previous sharp downward impulse from the end of July. Given the rising bearish sentiment affecting New Zealand dollar today – NZDCAD is likely to extend the losses toward the next support level 0.85500 – the breakout of which can lead to further losses toward the stronger support level 0.85000.
