During the Asian session, the USD/CAD pair developed a “bullish” signal formed yesterday after a retreat from the lows of April 10 and tested the level of 1.3625 for a breakout.

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) has started, within which the first wave of the lower level i of C is developing. 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 1.3848.

Quotes of the USD/CAD pair have dropped below the support level of 1.3655 and are seeking to update the May low of 1.3607 after the publication of American macroeconomic statistics.

The USD/CAD pair is correcting at 1.3679 despite positive data on the Canadian labor market.

On the four-hour chart, a "bearish" trend is forming with decreasing highs and lows. Below the resistance level of 1.3766, a reversal pattern Evening Star appeared, which signals pressure on the price from sellers, and immediately behind it, at the level of 1.3716, a pattern of continuation of the downward trend Three Black Crows appeared, which demonstrates the desire of the "bears" to resume the downward movement. 

The USD/CAD pair is moving within a long-term ascending channel: last week, the quotes reached their upper limit of 1.3780, after which they corrected downwards to 1.3671 (Murrey level [4/8]).