The USD/CAD pair consolidated above May’s high in the 1.4015 area amid continued declines in oil prices and growth in US revenues from import duties.

The US dollar is showing flat dynamics in the USD/CAD pair during the morning session, holding near 1.4000. Market activity remains moderate at the start of the new week as investors wait for new drivers to emerge.

This week, the USD/CAD pair has been actively increasing in value within the emerging upward trend and is now testing 1.4038 (Murrey level [6/8], Fibonacci retracement 38.2%). The Canadian currency came under pressure after the price of oil, one of the country's main export items, corrected.

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 developing, the first entry wave of the lowest level (i) of c and the correctional wave (ii) of c has ended, and the wave (iii) of c is forming. 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 1.3927.

The USD/CAD pair is correcting at 1.4036 amid rather poor Canadian macroeconomic statistics.