USD/CAD Elliott Wave
The USD/CAD pair has finished  the developing corrective (C) wave (coloured green) yesterday. During the European session we could observe the strong bullish mood and price testing 1.0000 level. Therefore during the New York session the USD/CAD pair continue pushing in a upward move and price finally reach new daily high at the end of the session at the 1.0043 level. Today on the beginning of the Asian session this major pair pushed to 1.0050 level. We can consider this move as finish of the 5 wave (coloured pink) of the bigger C wave (coloured blue). The USD/CAD did not manage to hold this level and we could observe price at 1.0015 level. Presently we can observe the beginning of the 1 wave (coloured blue). We have two possible scenarios for today. Firstly, if price continues pushing in a bearish mood, we could see next potential target at 0.9960 level. For stop loss we can use 1.0050 invalidation point. Second scenario: wave C is not over yet and if the price returns to 1.0050 level we could expect end of wave C at 1.0100 level, Stop loss for this scenario can be at 1.0020 support level. Also it is necessary to consider the data concerning the CAD Housing Starts and U.S Import Prices m/m, Crude Oil Inventories, Beige Book, Federal Budget Balance, FOMC Member Yellen Speaks that can affect the rate of the pair

Support and Resistance levels
(S3) 0.9918 (S2) 0.9954 (S1) 0.9976 (PP) 1.0012 (R1) 1.0048 (R2) 1.0070 (R3) 1.0106

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.0010 with Stop Loss at 1.0050 and Take Profit at 0.9960 are recommended.