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 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 ending, within which the fifth wave of the lower level (v) of c of B is developing. 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 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]).

The USD/CAD pair shows a restrained growth in the area of 1.3676, developing a "bullish" impetus formed at the end of last week, when the instrument updated local lows of April 10. The pressure on the American currency was provided by April data on the labor market.

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