USDCAD London briefing — 2026-05-06

BIAS BEARISH. H4/H1 EMAs aligned downward; RSI neutral supports continuation below resistance. KEY LEVELS R: 1.36, 1.365, 1.37984 | S: 1.35503, 1.355, 1.35 NEWS ADP Employment Change 12:15 UTC 🔴 | Fed's Musalem speech 13:30 UTC 🟡 | MBA Mortgage Applications 11:00 UTC 🟡 SESSION OUTLOOK ADP and Fed commentary drive volatility. Watch 1.36 rejection; break below 1.355 confirms bearish structure. PRO UNLOCKS Entry 1.35850 | SL 1.36200 | TP1 1.35500 | TP2 1.35000 | FVG 1.36100-1.36350 | Fibonacci 61.8%

Key Levels

R: 1.36000 · 1.36500 · 1.37984

S: 1.35503 · 1.35500 · 1.35000