EURCAD recently reversed down from the resistance area lying between the pivotal resistance level 1.54350 (top of the previous wave (b)), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous ABC correction 2 from March. Given the strengthening bearish Euro sentiment and the strongly bullish Canadian dollar sentiment seen across the markets today – EURCAD is likely to extend the losses toward the next support level 1.51000 (low of the previous ABC correction 2).