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USDCAD : Bearish Trend Emerging

USDCAD rose today after the release of better than expected US consumer inflation data providing support to the US dollar however the gains were capped by the upbeat manufacturing sales data from Canada which support Lonnie. I wrote about the US consumer Inflation report in my previous blog. In Canada, the manufacturing sales increased by 1.4% in February better than the economist’s expectation for an increase of 1%.

On the hourly chart, USDCAD is currently trading within a rising wedge which gives a bearish signal. Accordingly the pair might break from the support trend line once it will reach the apex of the wedge. On the stochastic oscillator, the pair is currently in the overbought zone showing that there will be selling pressure on the pair.