EURCAD recently reversed down from the resistance area lying between the strong resistance level 1.4660 (which stopped the previous wave (a) earlier this month), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse wave (i) from the start of August. The downward reversal from the aforementioned resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing. Given the strength of the downtrend visible on the daily EURCAD charts, EURCAD is expected to fall further toward the next support level 1.4530 (low of the previous wave (b)).