Intraday Analysis - Monday, Oct. 5

USDCAD grinding higher

The Canadian dollar (USDCAD) lost further ground to the greenback as prices moved above 1.4200.

• A series of higher highs indicates mounting buying pressure, providing opportunities for trend followers to stake in.

• As the pair consolidates, a close above 1.4260 could extend the rally above 1.4300, paving the way for a potential bullish continuation.

• On the downside, 1.4150 is the closest support to maintain the intraday momentum.

EURGBP looking for support

The pair completed the 100-pip drop as the psychological support of 0.8500 was broken.

• A test at 0.8490 will put bulls even more on the defensive.

• Price action could then sink towards the lower regions of the 0.8400 area.

• As traders await the next signal, 0.8540 is a major level to clear before a sustained continuation can take hold.

USOIL testing triple bottom

Oil prices remain undecided as the commodity looks for the latest support.

• A subsequent drop below 95.00 invalidated the potential recovery, forcing early buyers to abandon ship.

• A new round of sell-off and a break at the triple bottom at 88.60 would send the commodity towards 85.00.

• The RSI’s oversold situation could offer some relief if short-term sellers take some chips off the table.

• With tensions still heightened, 100.00 is the top target ahead.