Source: PaxForex Premium Analytics Portal, Technical Insight
The USD/CAD pair kicks off the new week on a weaker note and reverses a part of Friday's positive move to its highest level since May 2020. Crude oil prices rise nearly 3% amid reports that OPEC+ will consider an output cut of more than 1 million bpd - the biggest since the COVID-19 pandemic - at its meeting on October 5 to support the market.
USD/CAD,D1
Pivot: 1.3768
Analysis:
While the price is above 1.3600, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3768
- Take Profit 1: 1.3900
- Take Profit 2: 1.4100
Alternative scenario:
If the level 1.3600 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3600
- Take Profit 1: 1.3500
- Take Profit 2: 1.3300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.4200 | 1.3600 |
| 1.4100 | 1.3500 |
| 1.3900 | 1.3300 |
