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USDCAD : Rising Wedge Giving Bearish Signal

USDCAD is showing some bearish signs now on the 4 hour chart as the pair is trading within a rising wedge. A rising wedge gives a bearish signal and the pair might decline from the support trend line of the wedge. 

Today US dollar rose against Canadian Dollar after the release of the Canadian retail sales data for February. Statistics Canada reported that the retail sales rose .5% in February in line with the economist’s expectation slowing down from the revised increase of .9% in January. 

The pair is also currently testing the key resistance at 1.1047. If it breaks this level the pair might erase the bearish expectations and rise up to 1.1068.

The Flash Manufacturing PMI and New Home Sales Data coming out at 9:45 AM EDT and 10:00 AM EDT might change the movement of the pair.