USD/CAD is on the bull’s screener after the most anticipated economic event of the month resulted in a strong rally in the U.S. dollar. The pair gained for the second consecutive month and is up by some 3% in the month of September. The buying interest for the safe-haven U.S. dollar remains strong after the rate hike announcement from Federal Reserve. A steep correction in oil prices this week has also acted against the Canadian dollar as Canada is the major exporter of oil to the United States. From a technical perspective, the momentum oscillators are in the overbought zone on the daily chart so we can expect minor consolidation going forward.
Pivot points to consider
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