The USD/CAD pair initially spiked during the session as we started out with a risk off attitude. However, if you have been watching our videos, you know that the 1.01 area is a place that we saw significant resistance coming back into the markets, and as a result we haven't bought this pair.
The pullback looks very strong, but the reality in this pair is that there is significant support all the way down to the 0.9750 level. The pair looks as if the choppiness could continue, and until we break free, we are avoiding trades in this market. A daily close above the 1.01 level has us long, while a sub-0.9750 print on the daily chart has us selling.
USD/CAD Forecast February 17, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3