USD/CAD fell on Tuesday as the shooting star from the Monday session triggered technical selling. The area the pair is in has been very consolidative, and as long as that remains so, we see no real longer-term trades available. The 1.01 level above serves as strong resistance, and that 0.99 level below serves as strong support. For those of you that are prone to scalping, this could be a good market for you. However, for us we see very little in the way of trading opportunities until we clear the 1.01 level to the upside, or the 0.99 level to the downside. Until then, we are flat.

USD/CAD

USD/CAD Forecast February 29, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9989
0.9995
1.0001
1.0007
1.0013
1.0019
1.0025

 Fibonacci
0.9995
1.0000
1.0003
1.0007
1.0012
1.0015
1.0019

 Camarilla
1.0003
1.0004
1.0005
1.0007
1.0007
1.0008
1.0009

 Woodie's
-
0.9995
1.0000
1.0007
1.0012
1.0019
-

 DeMark's
-
-
1.0010
1.0006
0.9998
-
-