The price is in a correction and a fall is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, and a correction develops as the second wave (2) of 5, within which the wave B of (2) ended. Now, the downward wave C of (2) has started, within which the first wave of the lower level i of C has developed, and a local correction is developing as the second wave ii of C. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3848.

During the Asian session, the USD/CAD pair is recovering from the “bearish” end of last week and yesterday’s trading session, which led to a renewal of the lows of May 20.

The USD/CAD pair is falling, trading at 1.3628, amid positive macroeconomic statistics from Canada.

After active growth last week, the USD/CAD pair corrected to 1.3655 amid the publication of positive macroeconomic statistics from Canada.