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
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.3473 | 1.3495 | 1.3507 | 1.3529 | 1.3541 | 1.3563 | 1.3575 |
| Fibonacci | 1.3495 | 1.3508 | 1.3516 | 1.3529 | 1.3542 | 1.3550 | 1.3563 |
| Camarilla | 1.3509 | 1.3512 | 1.3515 | 1.3529 | 1.3521 | 1.3524 | 1.3527 |
| Woodie’s | 1.3467 | 1.3492 | 1.3501 | 1.3526 | 1.3535 | 1.3560 | 1.3569 |
| DeMark’s | – | – | 1.3500 | 1.3526 | 1.3535 | – | – |
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