The USD/CAD pair fell from the parity level on Wednesday as the resistance held true. However, there is a ton of support below, and at varying levels all the way down to the 0.97 handle. With this in mind, we have been waiting for a breakout above the 1.01 level, or a breakdown below the 0.97 level. At this point, it looks as if the pair is willing to consolidate in the tight range it has been stuck in over the last month or so. With this in mind, we will pass, knowing that the Non-Farm Payrolls number on Friday will more than likely be important to this market, and we may go nowhere fast before then.

USD/CAD

USD/CAD Forecast March 8, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.9857
0.9905
0.9930
0.9978
1.0003
1.0051
1.0076

 Fibonacci
0.9905
0.9933
0.9950
0.9978
1.0006
1.0023
1.0051

 Camarilla
0.9935
0.9942
0.9949
0.9978
0.9962
0.9969
0.9976

 Woodie's
-
0.9900
0.9919
0.9972
0.9992
1.0046
-

 DeMark's
-
-
0.9991
0.9972
0.9918
-
-