After the dovish tone from the US Fed over night the US dollar is retracing back to 1.400 Level . Which also happens to be 38.2% fib retracement from the high of 1.4688 to the low of 1.2833. I would expect a bounce here. I can not say if price will make a higher high above 1.4688

Has you can see from the daily chart,   price has broken the 21 ema (Red Line) which mean price may be setting up for a lower high?. It all depend on the price of oil so keep an eye on which level oil is trading at.

USDCAD-28th-Jan-16-Trade-Plan

4 hour chart

USDCAD-4hr-Chart-28th-Jan-16

Price has found support of the  4hr 200 ema (green Line).  I would expect price to continue to fall in the short-term.

Pick your bias and trade your plan

Have a great day trading