The USD/CAD pair is trading around 1.3666, while the Canadian dollar remains stable amid neutral macroeconomic statistics.

The price is in a correction and a fall is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, and a correction develops as the second wave (2) of 5, within which the wave B of (2) ends. Now, the wave c of B is developing, within which the wave (v) of c of B is forming. If the assumption is correct, the USD/CAD pair will fall within the wave C of (2) to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3978.

The USD/CAD pair rose to 1.3775 after the Canadian gross domestic product (GDP) release yesterday, which reflected the insufficient pace of recovery of the national economy. 

The USD/CAD pair shows a slight decline, remaining close to 1.3650 and the local lows of April 10. 

The USD/CAD pair is falling towards 1.3690, preparing to continue its downward correction before the key US macroeconomic statistics release at 14:30 (GMT+2).