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 is showing uncertain growth, testing 1.3800 for a breakout. Market activity remains subdued on Tuesday morning as Canadian investors await the release of macroeconomic statistics on inflation in Canada at 14:30 (GMT+2) during the day: on a monthly basis, the Consumer Price Index is expected to rise from 0.3% in March to 0.7%, and in annual terms it is expected to increase from 2.8%. 

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.