EURCAD recently reversed down from the major long-term resistance level 1.59700 (which stopped the sharp uptrend in the middle of March) –standing above the upper daily Bollinger Band. The downward reversal from the resistance level 1.59700 started the active short-term corrective wave (iv). Given the medium positive Canadian dollar sentiment seen across the FX markets today – EURCAD is likely to extend the losses toward the next support level 1.56550 (target price for the completion of the active corrective wave (iv)).
