EURCAD facing bearish pressure, potential for further downside!

Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below the descending trendline resistance. We could potentially see further downside below the 1st resistance, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance, towards our 1st support, in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. MACD is also holding below the 0 line, in line with our analysis.

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