EURCAD Trending Lower - Will It Drop To 1.54670?

EURCAD is currently trading within a descending channel, indicating a strong bearish structure. The price has broken below a key support zone, which has now flipped to resistance, aligning with a potential bearish continuation. The recent retest of this level held successfully, indicating strong seller interest and reinforcing the bearish outlook.

With momentum favoring the downside, the next logical target is 1.54670, aligning with the lower boundary of the descending channel. As long as the price remains below the resistance zone, the bearish bias stays intact.

Let me know your thoughts or any additional insights you might have!