USDCAD Apr 20 to Apr 24 Outlook

Recap
Loonie finally breakout of the 3 week boundary. Y+1 was not even touched when the pullback started. Y-0 was cleared quickly opening the way to Y-1. Strong 4 hour 1-2-3 sell cleared Y-1 with breakout target Y-3 activated. Y-3 was tagged later in the week. Closed the week below Y-2 and midpoint.

Outlook
As mentioned last week, the tight range on weekly will breakout one way or the other. Now that we have the break out in place, the former support at Y-1 / B-0 is now strong resistance. Consolidation this week is likely at 50% week range.