USDCAD London briefing — 2026-08-21

BIAS BEARISH. H4/H1 EMAs aligned bearish; RSI deeply oversold (24.44) signals exhaustion, not reversal yet—structure needs lower closes to confirm. KEY LEVELS R: 1.38, 1.385, 1.40801 | S: 1.37556, 1.375, 1.37 NEWS 🟡 CAD Retail Sales (MoM) 12:30 UTC 🟡 CAD Retail Sales ex Autos 12:30 UTC 🟡 USD S&P Global PMI 13:45 UTC SESSION OUTLOOK London opens into CAD data—weak retail could extend selling. Watch 1.375 hold; break below triggers probe toward 1.37.

Key Levels

R: 1.38000 · 1.38500 · 1.40801

S: 1.37556 · 1.37500 · 1.37000