USD/CAD rose at first during the Monday session, but failed to hold onto the gains that the morning saw. The parity level acted as resistance after being support recently, and this is classic technical analysis. The area we are in is still very noisy, and as a result it will be hard to either go long or sell. There simply isn't enough room to move at this point in time. The support goes all the way to the 0.9750 level, and as a result we are not willing to sell. The obvious pressure to the downside keeps us from buying. Choppiness should continue to be the norm, and we are flat because of it.

USD/CAD

USD/CAD Forecast February 7, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9890
0.9919
0.9938
0.9967
0.9986
1.0015
1.0034

 Fibonacci
0.9919
0.9937
0.9948
0.9967
0.9985
0.9996
1.0015

 Camarilla
0.9945
0.9949
0.9954
0.9967
0.9962
0.9967
0.9971

 Woodie's
-
0.9916
0.9934
0.9964
0.9982
1.0012
-

 DeMark's
-
-
1.0001
0.9974
0.9952
-
-