The price may fall.

On the daily chart, a downward correction as the second wave of a higher level (2) and the third wave C of (2) are developing. Currently, the third wave of a lower level iii of C is forming, within which a correction as the fourth wave (iv) of iii has completed and the fifth wave (v) of iii is developing. If the assumption is correct, the USD/CAD pair will drop to the range of 1.3550–1.3400. The critical stop loss level for this scenario is 1.3870.

Against the unstable dynamics of the American dollar, the USD/CAD pair is correcting at 1.3835 under pressure from Canadian macroeconomic statistics.

Last week, the USD/CAD pair resumed growth and is currently trading around 1.3935, while the Canadian dollar is under pressure ahead of the Bank of Canada monetary policy meeting.