USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward move, corrective 2 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian session we could observe descending movement from 0.9958 towards the 0.9940 level and we can consider this move as the end of the wave B of the bigger 2 wave (coloured blue). Therefore, during the European and New York sessions the USD/CAD pair did not manage to hold this level and the price reached a new daily high at 0.9976 level. We can consider this move as the end of the 2 wave (coloured blue). This currency pair is trading around 0.9955 level at the moment and we are expecting to see the price around 0.9830 level when the development of the 3 impulsive wave starts. 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 0.9831 (161.8% of wave 1). To reduce the risk, we can use resistance at 0.9977 level as stop loss.

Support and Resistance
(S3) 0.9923 (S2) 0.9937 (S1) 0.9946 (PP) 0.9960 (R1) 0.9974 (R2) 0.9983 (R3) 0.9997

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9945 with stop loss 0.9977 and take profit at 0.9831 are recommended.