USD/CAD Elliott Wave
After a strong downwards movements from the half of March, the USD/CAD has finally started to show some bullish movements in the last 24 hours. In the 1-hour chart of the pair above, you can see that we are labeling the descending movement from 1.1278 towards the 1.0853 as the impulsive pattern. We have all five waves completed, and also RSI divergence supports this view, so we are going to keep looking for a buying opportunity in the pair at the pullbacks, and to protect our account, we can use the 1.0850 as the stop loss level. First pullback in the USD/CAD pair, should appear in the (ii) wave (coloured blue) of [i] wave (coloured green), and we can use the 50% of the short term cycle from the 1.0853 level as the potential long entry signal. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1037 (161.8% of wave (i)). Swing traders should wait for a impulsive wave [i] to make a five waves move, and than we can look for corrective pullback to enter a trade.

Support and Resistance
(S3) 1.0822, (S2) 1.0844, (S1) 1.0889, (PP) 1.0911, (R1) 1.0956, (R2) 1.0978, (R3) 1.1023.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0895 with stop loss at 1.0853 and take profit at 1.1037 are recommended.