EURCAD recently broke the support area lying between the key support level 1.55900 (low of the previous correction A), intersecting with the 38.2% Fibonacci correction of the upward impulse from June and the support trendline of the daily up channel from the previous month. Given the overriding bearish sentiment affecting the euro today – EURCAD is likely to extend the losses toward the next support level 1.54000 (target price for the completion of the active ABC correction (4)).