USD/CAD Elliott Wave 
From the high at 1.0608 all the way to last week’s low at 1.0177 we can only see three-wave structure that we label on the chart as w-x-y (coloured red) of the bigger (A) wave (coloured black). At the moment we are inside the (b) wave, so for the next few days we are going to look for one more push higher before the price turns lower when (c) of (X) starts. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0455 (61.8% of wave A). To reduce the risk, we can use invalidation point at 1.0200 level as stop loss.

Short-term view: Inside the (b) wave we have only one cycle completed, so we should see 50% retrace of the first leg to 1.0245 before we see the final push higher to 1.0455 level. 

Support and Resistance
(S3) 1.0222 (S2) 1.0241 (S1) 1.0273 (PP) 1.0292 (R1) 1.0324 (R2) 1.0343 (R3) 1.0375

Trading forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long position at level 1.0245 with stop loss at 1.0200 and take profit at 1.0455 are recommended.