USDCAD London briefing — 2026-10-26

BIAS BEARISH. D1 structure, H4 EMA, and H1 EMA combined with H4 fair value gaps drive downside conviction despite H1 bullish FVGs offering countertrend noise. KEY LEVELS R: 1.405, 1.41, 1.43015 | S: 1.4, 1.39697, 1.395 NEWS 🟡 Chicago Fed National Activity Index (Mon 12:30 UTC) 🟡 3M & 6M Bill Auctions (Mon 15:30 UTC) SESSION OUTLOOK London opens into soft USD data; watch reaction at 1.405 resistance. H4 FVGs signal continuation lower toward 1.4 support if momentum holds.

Key Levels

R: 1.40500 · 1.41000 · 1.43015

S: 1.40000 · 1.39697 · 1.39500