USDCAD Feb 04 to Feb 08 Outlook

Recap
Did not even push higher in the beginning of the week. Sold off slowly all the way back down to almost where the breakout started. Closed the week near week low and below Y-0.

Outlook
As mentioned last week, this pair cannot just zoom higher and that a better base has to be built first. See how weak it was confirms my view.

Next week a push down to Y-1 is very likely to challenge that price originated the breakout. How it reacts there will tell us if dollar is really gaining strength against loonie in the higher timeframes.