During the Asian session, the USD/CAD pair is correcting at 1.3648 amid poor Canadian macroeconomic statistics.

A fall is possible.

On the weekly chart, the upward fifth wave of the highest level (5) develops, within which the first entry wave of the lowest level 1 of (5) formed. On the daily chart, the downward correctional second wave 2 of (5) and the wave А of 2 are developing. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3400–1.3070. In this scenario, the critical stop loss level is 1.4015.

The US dollar is showing slight growth in the USD/CAD pair during the morning session, recovering from a sharp decline the day before, which did not allow quotes to consolidate at the local highs of June 4. 

The USD/CAD pair is rising from the support level of 1.3645 to 1.3720 amid the Bank of Canada’s decision to leave the interest rate at 2.75% for the second time in a row after an aggressive “dovish” cycle, when the indicator was changed by 225 basis points in nine months.

The USD/CAD pair is trading within a long-term downtrend, testing 1.3671 (Murrey level [0/8]) after the Bank of Canada refused to continue easing monetary policy. The day before, the regulator left the interest rate at 2.75% for the second time in a row.