The USD/CAD pair tried to rally during the Tuesday session, but failed at the parity level for the second day in a row. The oil markets rallied during the session, and this certainly had some kind of effect on the pair. The market is currently sitting on top of a massive support zone all the way down to the 0.9750 level, and because of this - we can't sell. It should be noted that we think the market probably is more bearish than bullish, but the choppiness that we see below is enough to have us looking for trades in other markets. Buying can't be done until we get above the 1.01 level.

USD/CAD

USD/CAD Forecast February 8, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9856
0.9896
0.9917
0.9957
0.9978
1.0018
1.0039

 Fibonacci
0.9896
0.9919
0.9933
0.9957
0.9980
0.9994
1.0018

 Camarilla
0.9922
0.9928
0.9933
0.9957
0.9945
0.9950
0.9956

 Woodie's
-
0.9891
0.9908
0.9952
0.9970
1.0013
-

 DeMark's
-
-
0.9968
0.9951
0.9906
-
-