EURCAD took a nose dive, are we going to see further downside?

Hi traders,

EURCAD made a critical bearish breakout below the daily support level and ascending trendline.
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The daily candles close below this level signals that the bears remain in control.
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Currently, the price is building a bullish retracement within this downtrend. The pullback is most likely part of corrective wave 2 pattern, which therefore could see a bearish bounce at the Fibonacci retracement levels.
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Considering that 38.2 Fib ratio lined up with a strong resistance level, we will be watching for possible reversal at that zone and look for a breakout of the blue counter trend line to take advantage of this bearish continuation setup.
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Price has the potential to move down towards Fib -27.0 & -61.8 ratio if the Wave count is correct.
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Thanks for reading!