EURCAD recently reversed down with the daily candlesticks reversal pattern Bearish Engulfing from the resistance zone located lying between the resistance level 1,4700 (which has reversed multiple upward corrections from September), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from August. Given the clear daily downtrend and the moderate bearish sentiment affecting the Euro at the moment – EURCAD is likely to remain under the bearish pressure and to fall in the active impulse wave 5 toward the next support level 1,4600.