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EURCAD with some downside potential

The EURCAD pair finished its ending diagonal at a price of 1.5582 and then declined to 1.5000 in impulsive fashion. Normally, a correction to the upside started soon after and is currently in progress. As you can see on the chart below, we have an almost finished zig-zag a-b-c retracement in wave 2/B. Once it is completed, we will be expecting another five-wave sell-off in wave 3/C. We are anticipating that the 61.8% Fibonacci level would serve as a resistance. This count would be invalidated, if price returns to 1.5582. As long as that level holds, we will stay bearish on EURCAD.

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