During the Asian session, the USD/CAD pair is growing slightly, holding near 1.3720.

Against the stabilization of the US currency quotes, the USD/CAD pair is correcting around 1.3690.

Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, a downward correction has ended as the fourth wave 4 of (3), and the wave 5 of (3) is forming, within which the first wave of the lower level i of 5 has formed, and a correction is developing as the wave ii of 5. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3977–1.4265. In this scenario, critical stop loss level is 1.3491.

On the four-hour chart, at the resistance level of 1.3832, there is the formation of an Evening Star candlestick analysis model, which signals an imminent price reversal downwards, and at the level of 1.3782, a Bearish Marubozu pattern, which indicates the increasing activity of sellers in the market, is forming. The combination of these figures confirms the strengthening of the downward dynamics towards the support level of 1.3590, after which the quotes will go to the zone of 1.3328–1.3086. An alternative scenario is possible in case of a breakdown of the key resistance level of 1.3832, and then the next target will be 1.4084–1.4347.

This week, the USD/CAD pair has renewed the high of December 2022 and has broken through the resistance level of 1.3800, which suggests a continuation of the upward movement to the high of last year around 1.3960.

Last week, the USD/CAD pair made attempts to grow, but failed to consolidate above the 1.3610 mark (Murray level [7/8]).