The USD/CAD pair has renewed its May high of 1.4000 and continues to rise amid rhetoric from US President Donald Trump.

During the morning session, the USD/CAD pair consolidated around 1.3990: market activity remains subdued as US and Canadian trading floors are closed for national holidays, and investors remain focused on macroeconomic statistics.

At the end of last month, the USD/CAD pair left the medium-term sideways range of 1.3916–1.3733 (Murrey level [4/8]–[1/8]), breaking through its upper boundary, and reached the level of 1.3977 (Murrey level [5/8]), which it has not been able to overcome yet.

Growth is possible.

On the daily chart, the downward correctional second wave of the highest level (2) develops, within which the wave А of (2) ended, and the correctional wave B of (2) forms. Now, the wave c of B is forming, the first entry wave of the lowest level (i) of c has ended, and the local correctional wave (ii) of c is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.4163–1.4300. In this scenario, the critical stop loss level is 1.3824.