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

The probability of a decrease remains.

On the daily chart, the downward correction as the second wave of the higher level (2) and the third wave C of (2) are developing. At the moment, the third wave of the lower level iii of C is forming, within which the correction as the fourth wave (iv) of iii has completed and the fifth wave (v) of iii has begun. If the assumption is correct, the USD/CAD pair will decrease to the area of 1.3724–1.3550. The critical stop loss level for this scenario is 1.3939.

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.