EURCAD recently reversed down from the resistance area lying between the key resistance level 1.54000, upper daily Bollinger Band and the 38.2% Fibonacci retracement of the previous downward price move from March. The last downward reversal from this resistance area created the daily reversal pattern Bearish Engulfing. Given the moderately bearish euro sentiment seen across the markets today – EURCAD is likely to extend the losses toward the next support level 1.51000 (low o the previous multiple waves 3, (1), 1).
