The USD/CAD pair is correcting upwards in the area of 1.3812 amid strengthening US dollar quotes.

Growth is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, a correction ended as the second wave (2) of 5, and the third wave (3) of 5 started. Now, the first wave of the lower level 1 of (3) is forming, within which the wave v of 1 is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3950–1.4150. In this scenario, critical stop loss level is 1.3588.

The USD/CAD pair has been adding value for the second week in a row and is currently testing the 1.3793 mark (Murrey level [8/8]): the Canadian currency remains under pressure before the Bank of Canada (BoC) meeting.