FPG USDCAD Market Report April 24, 2026

On the H4 timeframe chart, USDCAD is starting to show signs of strength after previously experiencing a prolonged and consistent bearish rally. Earlier, the pair declined from 1.3948 to 1.3630, and from that point, a support rebound emerged, providing enough momentum to shift the trend slightly bullish. The current price is around 1.3698, with a mildly bullish bias.

From a technical perspective, price action is currently testing a key resistance zone near 1.3715, which aligns with a previous support-turned-resistance level. The Bollinger Bands indicate that price has rebounded from the lower band, suggesting a recovery phase within a broader downtrend. The Parabolic SAR dots have started to shift below the price, reinforcing short-term bullish momentum. Meanwhile, the Money Flow Index (MFI) is trending upward and approaching the overbought region, reflecting increasing buying pressure. The Stochastic Oscillator is also moving near the upper level, indicating bullish momentum, though a potential short-term pullback may occur if overbought conditions persist.

Recent global economic developments show rising inflation pressures driven by geopolitical tensions and higher commodity prices, while overall growth remains uneven across major economies. In the United States, business activity has modestly improved and the labor market remains relatively stable, though persistent inflation continues to limit the Federal Reserves room for policy easing. Meanwhile, Canada presents mixed signals, with stronger factory output but ongoing trade frictions and external uncertainties weighing on the outlook. These conditions previously contributed to USDCAD weakness, but the pair is now entering a consolidation phase with a gradually bullish bias.

Technical Market Overview

1. Current Position: USDCAD is currently trading around 1.3698, showing signs of recovery after a prolonged bearish trend. Price action indicates a mild bullish rebound from the recent low at 1.3630, with momentum gradually shifting upward.

2. Resistance Zone: Immediate resistance is located at 1.3715, which acts as a key short-term barrier. A breakout above this level could open the path toward the next resistance zone around 1.3840 – 1.3948.

3. Support Zone: Nearest support is seen at 1.3630, aligning with the recent swing low. A break below this level may resume the broader bearish trend and expose lower support levels.

4. Indicator Observation: Technical indicators suggest strengthening bullish momentum in the short term. The Parabolic SAR has flipped below the price, signaling a potential trend shift. The Bollinger Bands show price rebounding from the lower band, indicating a recovery phase. The Money Flow Index (MFI) is rising toward the overbought zone, reflecting increasing buying pressure. Meanwhile, the Stochastic Oscillator is near the upper range, suggesting bullish momentum but also a possible short-term pullback due to overbought conditions.

5. Technical Summary: Overall, USDCAD is in a short-term bullish correction within a broader bearish structure. While momentum currently favors the upside, the price is approaching a key resistance zone, where rejection could occur. A confirmed breakout above resistance would strengthen the bullish outlook, whereas failure to break higher may lead to consolidation or a continuation of the downtrend.

Market Performance:

Forex Last Price % Change

EUR/USD 1.1685 +0.02%

USD/JPY 159.78 +0.09%

Todays Key Economic Calendar:

JP: Inflation Rate YoY

UK: Retail Sales MoM & YoY

DE: Ifo Business Climate

CN: FDI (YTD) YoY

CA: Retail Sales Ex Autos MoM

CA: Retail Sales MoM Final & Preliminary

US: Michigan Consumer Sentiment Final

Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.