On the daily chart, the USD/CAD pair resumed its decline and is now close to 1.3569 (retracement 0.0%), the overcoming of which will act as a catalyst for testing 1.3420 (extension 61.8%). If the level of 1.3840 (retracement 23.6%) is broken upwards again, the upward trend will resume towards the targets of 1.4015 (retracement 38.2%) and 1.4152 (retracement 50.0%), but for now this scenario seems less likely.

The price may grow.

On the daily chart, the first upward wave of the higher level (1) ended, and the correctional second wave (2), within which the wave and of (2) formed. On the four-hour chart the correctional wave B of (2) and the wave a of B are developing. If the assumption is correct, the USD/CAD pair will grow to the levels of 1.4020–1.4164. In this scenario, critical stop loss level is 1.3587.

During the morning session, the USD/CAD pair is showing ambiguous trading dynamics, developing a downward trend in the ultra-short term, which began forming at the beginning of last week from the high of 1.3800 on May 30 and is testing the level of 1.3600 for a breakdown.

The growth of the USD/CAD pair stopped in the resistance area of ​​1.3725 in anticipation of new data on the Canadian economy at 14:30 (GMT+2). Thus, in May, the indicator of new home prices is calculated to give –0.2%, ultimately, the core retail sales index may reach –0.2% MoM, and their volume – 0.4%. If the actual values ​​exceed the forecasts, the price may continue the long-term advancing trend with the target at 1.3554.