The USDCAD daily chart shows a wave structure where the market completed a five wave decline and then started a corrective move marked as wave a wave b and wave c. The pair has now reached a strong resistance zone near 1.4000 which was earlier a support level and also matches with the Fibonacci retracement level of 38.20%. This area is expected to act as a barrier for further upward movement and sellers may step in from this point. If the price gets rejected from this zone then a possible drop toward the support area near 1.3700 is likely where buyers may again try to hold the market.