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 Forecast February 7, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3