USD/CAD fell for most of the session on Tuesday, but bounced later in the session to close above the all-important parity level. The pair will continue to be held hostage by the oil markets, and as a result could be difficult to get a good read on.

The parity level is important, but the support goes all the way down to the 0.98 level for our money. The pair is a buy only pair, at least as far as simplicity is concerned. The selling of this pair isn't a real thought to us until we close below 0.97 - something that could take some time. We would be willing to buy on a break above the highs from the shooting star on Monday as it would show signs of real strength.

USD/CAD

USD/CAD Forecast February 1, 2012, Technical Analysis

USD/CAD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9897
0.9931
0.9987
1.0021
1.0077
1.0111
1.0167

 Fibonacci
0.9931
0.9966
0.9987
1.0021
1.0056
1.0077
1.0111

 Camarilla
1.0019
1.0027
1.0035
1.0021
1.0052
1.0060
1.0068

 Woodie's
-
0.9937
0.9998
1.0027
1.0089
1.0117
-

 DeMark's
-
-
1.0094
1.0030
1.0004
-
-