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USDCAD : Bearish Trend Remain Intact

(USDCAD : 4 Hour Chart)

USDCAD is currently trading within a downward sloping channel on the 4 hour chart.The pair changed a little by declining in response to the US PPI data which missed the economist’s expectation however the weak Manufacturing Sales of Canada supported the pair preventing it from huge losses. 

On the Stochastic Oscillator, the %K line is below the %D line giving a bullish signal. US Consumer Sentiment data coming out at 9:55 AM EDT might help the pair in surging if the data beats the economists expectation. So we may expect the pair to surge a little but it will find resistance from the falling resistance trend line. For long term the pair should continue to follow downtrend by breaking the support at 1.0840 as all 50 day, 100 day and 200 day SMAs are moving in downward direction showing a bearish trend.