USDCAD Jun 03 to Jun 07 Outlook

Recap
Pushed above Y+1 following the up channel play but failed to hold above Y+1. That set the stage for a test of Y-0. Broken the channel to the downside later and flushed to Y-0. Y-0 acted as support and forced a retest of the channel bottom from below. Closed the week below Y+1 and around midpoint.

Outlook
Snapped out of original upchannel to the downside does not mean that price will go lower from here quickly. The zone B-0 to Y+1 must act as resistance and produce a break of B-0 first. That will give us the B-2 / Y-1 down side target.

Not a major selloff in the making. The multiple week rally is too strong for a major selloff. Longer term outlook is still bullish for the pair to go higher.