USD/CAD fell slightly during the session on Thursday, continuing a pattern of range bound trading that we have seen over the last several days. The 0.99 level continues to act as support, and the parity level continues to act as resistance. The pair looks extraordinarily tight at the moment, and the market is probably one best avoided currently.

The 1.01 level is what we need to see broken in order to buy, and the 0.9750 level below is the bottom of our support area. Because of this, we feel that this market will continue to be choppy, and quite frankly not worth the hassle.

USD/CAD

USD/CAD Forecast February 10, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9887
0.9906
0.9941
0.9960
0.9995
1.0014
1.0049

 Fibonacci
0.9906
0.9927
0.9940
0.9960
0.9981
0.9994
1.0014

 Camarilla
0.9962
0.9967
0.9972
0.9960
0.9981
0.9986
0.9991

 Woodie's
-
0.9910
0.9950
0.9964
1.0004
1.0018
-

 DeMark's
-
-
1.0005
0.9965
0.9951
-
-