USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards near the end of 4 wave. During the European session we observed ascending movement towards the 0.9890 level. Therefore, during the New York session we saw the continuation of the bullish mood and the price reached 5-day high at the 0.9903 level. We can consider this move as the end of the 4 wave (coloured blue). The USD/CAD pair did not manage to hold this level and we watched a downward move in the second half of the New York session. Today during the Asian session the USD/CAD pair was descending towards the 0.9845 level. We expect to see price under the 0.9800 level today.
In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring the first wave range; the First Take Profit at 0.9809 (78.6% of wave 1) and Second Take Profit at 0.9783 (100% of wave 1). As Stop Loss we can use the resistance level at 0.9885. It is also necessary to consider the data concerning the U.S. Unemployment Claims, Prelim. Non-farm Productivity q/q, Prelim. Unit Labour Costs q/q, ISM Non-Manufacturing PMI, FOMC Member Williams Speech and FOMC Member Lockhart Speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9817 (S2) 0.9838 (S1) 0.9851 (PP) 0.9872 (R1) 0.9893 (R2) 0.9906 (R3) 0.9927

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 0.9840 with Stop Loss at 0.9885, Take Profit 1 at 0.9809 and Take Profit 2 at 0.9783 are recommended.