The USD/CAD pair spiked quite nicely during the Tuesday session as the Saudis announced that they are able to increase output in the oil markets to help contain pricing. The Canadian dollar tends to follow the value of oil, so this was no real surprise. By the end of the day however, we saw half of those gains given back. The parity level up to the 1.01 level still offers strong resistance. The support levels below include the 0.99, 0.98, 0.9750 and 0.97 handles. Because of this, we are flat at the moment in this pair.

USD/CAD

USD/CAD Forecast March 21, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9762
0.9819
0.9854
0.9911
0.9946
1.0003
1.0038

 Fibonacci
0.9819
0.9854
0.9876
0.9911
0.9946
0.9968
1.0003

 Camarilla
0.9863
0.9871
0.9880
0.9911
0.9896
0.9905
0.9913

 Woodie's
-
0.9814
0.9842
0.9906
0.9934
0.9998
-

 DeMark's
-
-
0.9974
0.9926
0.9882
-
-