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) ended. Now, the downward wave C of (2) is developing, within which the first wave of the lower level i of C has ended, a local correction has formed as the second wave ii of C, and the third wave iii of C has started. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3755.

The USD/CAD pair is showing moderate growth, testing 1.3750 for a breakout and updating local highs from June 18. 

The USD/CAD pair is still trading within the long-term ascending channel, but since last week it has been actively testing its lower limit.

After breaking through the support level of 1.3715, the USD/CAD pair went into a downward correction, with the target at 1.3625.

Amid the stabilization of the American currency and macroeconomic statistics from Canada, the USD/CAD pair is correcting at 1.3714.