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USDCAD : Following Sideways Trend

USDCAD seems like following sideways pattern on the hourly chart. The pair found resistance at 1.1067 and fell down after Statistics Canada reported RMPI data strengthening Canadian Dollar. According to the report, the Industrial Product Price Index rose 1% in February mainly because of higher prices for energy and petroleum products. The Raw Materials Price Index increased 5.7% in February and was the third consecutive monthly increase and the largest gain since 2009. 

It is considered as a leading indicator of consumer inflation as when manufacturers pay more for goods the higher they would charge from the consumer. On the hourly chart the pair might decline till it find support at 1.0999.