EURCAD today reversed down from the combined resistance area lying at the intersection of the resistance level 1.54400 (which has been reversing the price from April), upper daily Bollinger Band and 38.2% Fibonacci correction of the earlier downward price move from the middle of March. Given the bullish Canadian dollar sentiment seen across the markets today – EURCAD is likely to extend the losses toward the next support level 1.52350 – the middle of the sideways price range inside which the pair has been trading from the middle of April.