USDCAD May 12 to May 16 Outlook

Recap
Easiest play last week. Failed right at resistance and then collapsed. Got Y-2 in 1 go and no strength to recover since. Y-3 extended target tagged and bounced. Closed the week below Y-1 and near midpoint.

Outlook
Mentioned many times here that 1.08 is a long term magic number going way back. Tagged and reacted to is normal. It is not necessary a short term bottom yet.

Wide range week with midpoint close points to consolidation near B-0 with 50% range likely.