USD/CAD Rose again during the session on Tuesday as the oil markets sold off. This is the normal correlation between these two markets, and as a result no big surprise. However, this pair has recently started to diverge from this dynamic, and we have seen Loonie selling on days that oil rose. Because of this, we are bullish of this pair, but the charts tell us we are just coming on resistance. With that in mind, we are waiting to see a daily close above the 1.01 level in order to buy the market, and aren't thinking sell yet, as there are far too many supportive levels going down the 0.97 level.

USD/CAD

USD/CAD Forecast March 7, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9880
0.9916
0.9957
0.9994
1.0034
1.0070
1.0111

 Fibonacci
0.9916
0.9946
0.9964
0.9994
1.0023
1.0041
1.0070

 Camarilla
0.9976
0.9983
0.9990
0.9994
1.0005
1.0012
1.0019

 Woodie's
-
0.9918
0.9959
0.9994
1.0036
1.0071
-

 DeMark's
-
-
1.0052
1.0003
0.9975
-
-