Technical analysis for the NZD/CAD, the pair reached the first target of the bearish weekly wave, the 1.272 FIB extension on the weekly chart at 0.8345, and started a pullback. This pullback reached the previous weekly high, the weekly 50 EMA and 0.618 FB retracement, and 0.382 FIB retracement on the weekly chart. The price rejected these resistances with a high-test candle on the weekly chart, starting a pullback for the NZD/CAD. The first target for this pullback is the 0.382 FIB retracement on the daily chart at 0.8630. The second target is the 0.500 FIB retracement on the daily chart at 0.8575. The third target is the low and 0.618 FIB retracement on the daily chart at 0.8520. If we see a break below the previous weekly low at 0.8345, that will resume the bearish wave on the weekly chart for the NZD/CAD. The second target for this bearish wave is the 1.618 FIB extension on the weekly chart at 0.8145.
On the other hand, if the price break above last week’s high at 0.8808, it will open the door for a bullish run. The first target for this potential bullish break-out is the 1.272 FIB extension on the daily chart at 0.8900. The second target for the NZD/CAD is the 0.618 FIB retracement on the monthly chart at 0.8950. The third target is the 1.618 FIB extension on the daily chart at 0.9010.