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) ends. Now, the wave c of B is ending, within which the fifth wave of the lower level (v) of c of B is developing. If the assumption is correct, the USD/CAD pair will fall within the wave C of (2) to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3978.

The USD/CAD pair is moving within a long-term ascending channel: last week, the quotes reached their upper limit of 1.3780, after which they corrected downwards to 1.3671 (Murrey level [4/8]).

The USD/CAD pair shows a restrained growth in the area of 1.3676, developing a "bullish" impetus formed at the end of last week, when the instrument updated local lows of April 10. The pressure on the American currency was provided by April data on the labor market.

The USD/CAD pair is trading around 1.3666, while the Canadian dollar remains stable amid neutral macroeconomic statistics.

The USD/CAD pair rose to 1.3775 after the Canadian gross domestic product (GDP) release yesterday, which reflected the insufficient pace of recovery of the national economy. 

The USD/CAD pair is falling towards 1.3690, preparing to continue its downward correction before the key US macroeconomic statistics release at 14:30 (GMT+2).