USD/CAD continues to fail at the parity level. The longer this goes on, the more bearish this pair looks to us. However, there is a ton of support going all the way down to the 0.9750 level. The two economies are so interconnected; the currency pair will often chop around like it has been doing lately.
The price of oil will continue to come into play, and as long as the price for oil is high, the Canadian dollar will be strong overall. However, until we get below the 0.9750 level, we don't like shorting this pair as it heads into a ton of noise. Going long isn't possible until we get above the 1.01 level as it would show real initiative for the bulls.
USD/CAD Forecast February 9, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3