This week, the USD/CAD pair is trying to resume growth, testing the 1.3794 mark (Murrey level [6/8]) for several trading sessions: in general, investors are cautious due to the uncertainty caused by geopolitical and monetary factors.

During the Asian session, the USD/CAD pair is trading at 1.3759 amid poor Canadian macroeconomic statistics.

The price is in a correction and may grow.

On the daily chart, the upward first entry wave of the highest level (1) ended, and a downward correctional second wave (2) develops, within which the wave А of (2) formed. Now, 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 area of 1.4020–1.4163. In this scenario, the critical stop loss level is 1.3710.

The USD/CAD pair is trading near the 1.3755 support level after the July employment decline from 83.1K to –40.8K, significantly below the forecast of 15.3K. Despite the unemployment rate declining from 7.0% to 6.9%, investors took the data negatively, and the national currency lost 0.15% on Monday.