EURCAD currency pair recently reversed down from the resistance zone located between the key resistance level 1.37500 (which has been reversing the price from the start of April), upper daily Bollinger Band and the 50% Fibonacci retracement of the downward impulse from the start of March. The downward reversal from this resistance zone started the active minor
impulse wave 5. Given the strong daily downtrend and the continuation of the widespread euro pessimism among the FX traders – EURCAD currency pair can be expected to fall further toward the next support level 1.34700 (low of the previous correction (b)).