USD/CAD fell on Wednesday, and even managed to get below the parity level. However, the market couldn't maintain a break below the bottom of the Tuesday hammer, and as a result hasn't really resolved much.
The oil markets have been pushing this pair around, and although they didn't breakdown today, the market in the Light Sweet Contract did close below the crucial $98 level. With this in mind, we could see the price of oil fall, and as an extension - this pair could bounce. Either way, there is substantial support all the way down to 0.9750 in our eyes, and as a result we aren't comfortable selling here. Buying would be possible, but we don't have the candle to do it from currently.
USD/CAD Forecast February 2, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3