USD/CAD is oscillating in a narrow range, pretty much around 1.3800 level since opening. The market participants are likely to act defensive ahead of the US consumer price index Data for September month. It will be interesting to see whether bulls will surrender near the next immediate resistance level or not. When the markets are bleeding, another macroeconomic indicator may seal the case for a 75 basis point interest rate hike in November. However, the dollar bulls could regain strength if the inflation data exceeds the market expectations.
Important pivots to consider in the daily timeframe
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.3578 | 1.3646 | 1.3721 | 1.3789 | 1.3864 | 1.3932 | 1.4007 |
| Fibonacci | 1.3646 | 1.3701 | 1.3734 | 1.3789 | 1.3844 | 1.3877 | 1.3932 |
| Camarilla | 1.3757 | 1.3770 | 1.3783 | 1.3789 | 1.3809 | 1.3822 | 1.3835 |
| Woodie’s | 1.3582 | 1.3648 | 1.3725 | 1.3791 | 1.3868 | 1.3934 | 1.4011 |
| DeMark’s | – | – | 1.3755 | 1.3806 | 1.3898 | – |
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