Chart the Market (29/04/25)

Crude Oil 

Oil prices have staged a mild rebound following the heavy sell-off earlier in April, but the recovery remains fragile. Prices failed to breach the 0.618 Fibonacci retracement level, a key resistance zone, and have since formed a head-and-shoulders pattern, typically a bearish reversal signal, reinforcing the view that oil remains locked in a long-term downtrend.

From a technical standpoint, momentum indicators are aligning with the bearish outlook. The RSI continues to trend lower, reflecting waning buying strength, while the MACD is poised to cross below the zero line, a move often interpreted as a confirmation of bearish momentum.

Resistance Levels: 67.00, 71.75

Support Levels: 57.50, 52.15

USDCAD

The USDCAD briefly edged above its recent range-bound levels but failed to sustain the momentum, retreating back into consolidation territory. The pair remains pressured near six-month lows, with bearish sentiment prevailing. While the RSI hovers near the 50 mark, indicating a neutral momentum, the MACD also flattens around the zero line, reinforcing a lack of clear directional bias. Overall, the technical backdrop suggests downside risks remain intact unless a sustained breakout above resistance materializes.

Resistance Levels: 1.3850, 1.4000

Support Levels: 1.3750, 1.3650