• NZDCAD broke major support level 0.8780
• Further losses are likely
NZDCAD continues to fall after the previous breakout of the major support level 0.8780 (which reversed the previous sharp impulse wave (A) in the middle of May, as can be seen from the daily NZDCAD chart below).
The breakout of the support level 0.8780 is aligned with the active short-term impulse wave 3 of the medium-term impulse wave (C) from the end of June.
NZDCAD is likely to fall further and re-test the next support level 0.8700 (forecast price for the termination of the active impulse wave 3).