The USD/CAD pair fell during the Thursday session as traders pushed the market down below the parity level. The market continues to be pushed around by the oil markets, and will certainly be so for the near future. For what it's worth, the oil markets are starting to look a little tired at this point.

The daily candle for Thursday ended up as a hammer, showing real support coming into the market. The pair is hanging on by a thread, but the candle is very supportive at the moment. Because of this, we are willing to buy a break of the top of the hammer, and we would sell a break of the bottom of the hammer.

USD/CAD

USD/CAD Forecast January 27, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9929
0.9955
0.9991
1.0017
1.0053
1.0079
1.0115

 Fibonacci
0.9955
0.9979
0.9993
1.0017
1.0041
1.0055
1.0079

 Camarilla
1.0010
1.0016
1.0021
1.0017
1.0033
1.0038
1.0044

 Woodie's
-
0.9958
0.9996
1.0019
1.0058
1.0082
-

 DeMark's
-
-
1.0066
1.0024
1.0004
-
-