USDCAD Apr 16 to Apr 20 Outlook

Recap
Loonie breaking above Y+1 giving us immediate target of Y+2. Tagging Y+2 was all it got as it is still trapped inside the same multiple weeks range mentioned last week. Great fade on that one and quickly dropped back to Y-0. Closed the week near Y+1 and at midpoint.

Outlook
Very interesting development here. Finally a sign that Loonie may snap out of its tight range is in play.

The likely direction is to the downside because Y+2 was promptly rejected giving us the potential of running back down to Y-1.

As long as Loonie topping out near B-0 / Y+1 zone and breaking below that, a run to Y-1 / B-2 is likely.