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NZDCAD recently reversed up with the daily Bullish Engulfing from the support area lying between the key support level 0.87000 (former low of wave (a) from the end of September) and the lower daily Bollinger Band. The upward reversal from this support area started the active impulse wave 3. Given the strengthening bullish New Zealand dollar sentiment seen across the FX markets today, NZDCAD is likely to rise further in the active impulse waves 3 and (3) toward the next resistance level 0.88000.
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