The USD/CAD pair rose a bit during the session on Monday as oil prices fell. The pair still has a lot of weigh hanging overhead, so this bounce does little to inspire confidence for the bulls though. The parity level continues to be resistive in this market, and should continue to be going forward as well.

On the reverse side, there is plenty of support below as well. The 0.99, 0.98, 0.9750, and 0.97 levels all can claim being supportive, so selling this pair is difficult. With the resistance level at parity stretching all the way to 1.01, this pair needs to breakout in order for us to trade it. The levels we need to see are above 1.01 on a daily close to buy, and below 0.9700 on a daily close to sell. Until then, expect a lot of choppy trading in this market.

USD/CAD

USD/CAD Forecast March 13, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9833
0.9865
0.9884
0.9916
0.9935
0.9967
0.9986

 Fibonacci
0.9865
0.9884
0.9897
0.9916
0.9935
0.9948
0.9967

 Camarilla
0.9889
0.9894
0.9898
0.9916
0.9908
0.9912
0.9917

 Woodie's
-
0.9862
0.9878
0.9913
0.9928
0.9964
-

 DeMark's
-
-
0.9926
0.9911
0.9874
-
-