The price action of the EURCAD is developing a Falling Wedge pattern following the publication of the latest economic sentiment numbers in the Eurozone. This is a type of pattern that signifies the likely continuation of the underlying trend.
Notice that the bottleneck of the Wedge is developing between the 100-day MA (in blue) and 38.2 per cent Fibonacci retracement level at 1.44308. This is where the next bullish rebound is likely to emerge from.