Audio Playback w. Wavering Audio

I’m just starting with Cubase AI9. I’ve recorded my first track with acoustic guitar. The waveform looks fine but the playback has a weird volume fluctuation, where the volume level drops and comes back up or the sound drops out completely and comes back. It sounds like like some sort of ultra extreme compression is being applied. I have scratch guide audio on the only other track and that sounds fine. The guitar sounded fine being recorded and as I say, the waveform doesn’t show any fluctuations.

Thanks for any ideas or advice.
Bruce

You sure you didn’t accidentally enable and write automation?

Hi Mattias: I don’t think so and if so, I didn’t any points. But I appreciate the idea and will double-check.