USD/CAD is showing mixed dynamics, consolidating near 1.4440 and the record highs of March 2020. Market activity remains subdued on Thursday morning, with investors awaiting new drivers.

Growth is possible.

On the daily chart, the upward first wave of the higher level (1) develops, within which the wave 5 of (1) forms. Now, the fifth wave of the lower level v of 5 is developing, within which the wave (iii) of v has formed, a correction has ended as the wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.4400–1.4500. In this scenario, critical stop loss level is 1.4200.

The USD/CAD pair is correcting at 1.4257, having broken through the nearest resistance levels, and the acceleration of growth rates continues.

The USD/CAD pair is trading within the medium-term uptrend and has now consolidated above 1.4160 (Murrey level [8/8]) in anticipation of the outcome of the Bank of Canada meeting and the publication of November inflation data in the United States.

On Friday, under the influence of US and Canadian macroeconomic statistics, the USD/CAD pair overcame the resistance level of 1.4100 and headed towards the 1.4250 region.