Sforex
Long

Loonie: Found support : Wait for FED Statement

FX:USDCAD   U.S. Dollar/Canadian Dollar
189 1 2
USDCAD             retraced from the high after hitting 1.3100 level.

The question on the table now is Does it continue its decline or just a shortterm retracement ?

Fundamental Analysis doesn't favor rally because I know surely that BOC             would not cut rate anymore in this year.

The only reason for the rally comes from USDollar             , if FED Statement refuses to provide catalyst for greenback , USDCAD             could retrace more and more.

Look at on the chart, a meaningfull support is at 1. 2800             : this is the old high.

RSI indicator shows that it is testing bullish trend line I draw on the chart : IF USDCAD             BREAK THIS TREND LINE , USDCAD             WILL EXTEND THE LOSS, ON THE OTHER HAND, USDCAD             WILL BOUNCE FROM THE SUPPORT.

Stoch indicator shows that it moved out the overbought zone, absolutely it will move dow to 30 level.

I like to BUY USDCAD             .

1. 2800             level is a good place to hit a BUY LIMIT order.

And I hope FED will not disappoit me.
wise words. Agreed.
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