USD/CAD Elliott Wave
Last week the USD/CAD pair was trading in a downward move, impulsive (3) wave (coloured green) of the bigger (1) wave (coloured red) was developing. During the Friday's Asian and European sessions we could observe ascending movement from 0.9960 towards the 0.9984 level and we can consider this move as the end of the 2 wave (coloured blue). Therefore, during the early New York session the USD/CAD pair did not manage to hold this level and the price started pushing lower reaching a new 6 days low at 0.9921 level. This major pair is trading around 0.9940 level at the moment and we are expecting to see price around 0.9898 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 0.9898 (161.8% of wave 1). To reduce the risk, we can use resistance at 0.9990 level as stop loss.

Support and Resistance
(S3) 0.9889 (S2) 0.9913 (S1) 0.9928 (PP) 0.9952 (R1) 0.9976 (R2) 0.9991 (R3) 1.0015

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9935 with stop loss 0.9990 and take profit at 0.9898 are recommended.