The USD/CAD pair gained during the session on Wednesday as the oil markets fell. The pair continues to chop around below the parity level and with so many different support levels below, this pair will continue to be tough to trade. The 0.99, 0.98, 0.9750, and 0.97 levels all could hamper sellers, and the parity level is backed by the 1.01 level as resistance. This is a messy chart that will only offer serious opportunities to scalpers for the near term. We are waiting for a break above the 1.01 level to buy, and a break below the 0.97 level to sell. Until then, there are far too many pairs out there that are easier to trade at the moment.

USD/CAD

USD/CAD Forecast March 15, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9830
0.9857
0.9896
0.9923
0.9962
0.9989
1.0028

 Fibonacci
0.9857
0.9882
0.9898
0.9923
0.9948
0.9964
0.9989

 Camarilla
0.9917
0.9923
0.9929
0.9923
0.9941
0.9947
0.9953

 Woodie's
-
0.9860
0.9902
0.9926
0.9968
0.9992
-

 DeMark's
-
-
0.9976
0.9930
0.9910
-
-