EURCAD currency pair under the bearish pressure after the price broke through the support zone lying between the key support level 1.38750 and the support trendline of the wide daily down channel from last October. The breakout of this support zone accelerated the active impulse waves 3 and (3).
Given the strength of the active daily downtrend and the simultaneously bearish euro sentiment and the bullish CAD sentiment – EURCAD currency pair can be expected to fall further toward the next support level 1.37000 (target price for the completion of the active impulse waves 3).
