US/Canadian pair revisited

I wrote about this channel that the USD/CAD was in a few days ago...it looks like we are still in it. As you can see by the last bar, we tested out of the channel and then came back in. So, according to my chart, this pair is oversold. Since the Canadian Dollar is a risk currency, this likely could correlate to some profit taking in the equities over the next few days. (Clicking on the chart gives you a clearer view):