USDCAD Apr 08 to Apr 12 Outlook

Recap
The mechanical down push continues in first half of the week and then the trend was broken. After FBO against the low established earlier in the week and failed to tag Y-2, the stage was set for the upside target of 1.02+ from last week. Loonie got there and zoomed to Y+1 all the way. Closed at midpoint and below Y-0.

Outlook
The snap up price action was expected and predictable. Once the pressure is released, like what we have now, it becomes a 50/50 bet.

It is likely Loonie will move back to Y-1 first and if that acts as support, we can look forward to a steady run back up to B+1 in a few weeks.