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

 

One thought on “USD/CAD Heading Back To psychological level @ 1.400”

  1. LEONIDAS says:

    1.400 Level is the key here !!

    Thanks Paul

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