Yesterday saw a reaction to last week's upside in USDCAD. Demand stalled, and reversed, at 1.1100 and the top of a rising Keltner channel. The resulting setback is likely to be temporary and was unable to reverse Friday’s entire gains but it is enough to leave intra-day sentiment mildly negative – with scope of a deeper corrective move to 1.1030 or even 1.1006.