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Technical analysis for the NZD/CAD, the pair reached the first target for the bearish wave on the weekly chart, the 1.272 FIB extension at 0.8345, and bounced from it, starting a pullback. The first target for this pullback is the 0.382 FIB retracement at 0.8505. The second target for the NZD/CAD is the 0.500 FIB retracement on the weekly chart at 0.8555. The third target for this pullback is the 0.618 FIB retracement at 0.8600-10.
On the other hand, if the NZD/CAD breaks below the support between 0.8375-85, that will send the pair lower to test the low at 0.8344. A break below the low at 0.8344 will resume the bearish trend on the weekly chart and open the door for a bearish run toward the 1.618 FIB extension at 0.8150.
Weekly chart:
