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USD/CAD rose during the session on Wednesday as the markets went a bit sour overall. Oddly enough though, the oil markets were quiet as the Canadian dollar weakened. The parity level continues to be a magnet for price, and the market looks like it is simply comfortable to grind sideways in the meantime. The 1.01 level above should continue to keep a lid on the bulls, while there is support all the way down to the 0.9750 level. We have been flat of this market, and will continue to be until we break out of this area.
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USD/CAD Forecast February 23, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.9894 | 0.9916 | 0.9946 | 0.9968 | 0.9998 | 1.0020 | 1.0050 |
| Fibonacci | 0.9916 | 0.9936 | 0.9948 | 0.9968 | 0.9988 | 1.0000 | 1.0020 |
| Camarilla | 0.9962 | 0.9966 | 0.9971 | 0.9968 | 0.9981 | 0.9986 | 0.9990 |
| Woodie's | - | 0.9918 | 0.9950 | 0.9970 | 1.0002 | 1.0022 | - |
| DeMark's | - | - | 1.0009 | 0.9974 | 0.9957 | - | - |
