USDCAD – Below Key Role Reversal Level | Feb 9

USDCAD – Below Key Role Reversal Level (4hr chart)
After dropping almost 1000 pips since the yearly highs around 1.4650, the USDCAD is attempting to stabilize as it’s reversed impulsively┬áthe last 4 days. What is notable is the pair is below a key role reversal level just under the ‘big figure’ at 1.4000.

If the bears can hold this level, then they should re-attack the 1.37 handle. However if the bulls can re-claim this level, then they should use this as a base to resume the trend, first going after 1.43 and then 1.4650.

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