EURCAD currency under the bearish pressure after it reversed down from the major resistance area lying between the key resistance level 1.51000 (which has been repeatedly reversing the pair from the middle of April), 38.2% Fibonacci correction of the downward impulse from December and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous intermediate ABC correction (2). Given the strength of the aforementioned resistance area – EURCAD currency pair can be expected to fall further toward the next support level 1.48700 (low of the previous waves (iv), a and B).