The USD/CAD pair is showing weak growth, recovering from a two-day decline, as a result of which the instrument managed to retreat from the local highs of November 10, 2023. Quotes are testing 1.3780 for a breakout, while the publication of macroeconomic statistics from the USA or Canada at the end of the week is not scheduled.

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 ended, and a correction develops as the second wave (2) of 5, within which the wave B of (2) formed. Now, the wave c of B is developing, within which the wave (iii) of c of B has ended. If the assumption is correct, after the wave B of (2) the price 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 correcting around 1.3820 under the influence of the dynamics of the American dollar, while Canadian macroeconomic statistics failed to support the national currency.

The USD/CAD pair has updated yesterday's high and is trading at 1.3720 as a result of the weakening of the Canadian dollar.