Market Overview
On Friday during the Asian session the USD/CAD pair was trading within the upward movement and reached the resistance level 0.9980. During the New York session the USD/CAD pair broke this resistance level, and pushed to the new daily high at 0.9998 level.Today during the Asian session we could observe the bullish mood; the price reached the 0.9980 level. Today the USD/CAD pair is expected to test 1.0025 level. Also it is necessary to consider the data concerning the USD ISM Manufacturing PMI and CAD BOC Gov Carney Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9927 (S2) 0.9945 (S1) 0.9956 (PP) 0.9973 (R1) 0.9991 (R2) 1.0002 (R3) 1.0019

USD/CAD Elliott Wave Analysis
The USD/CAD pair has finished A wave (colored pink) of the bigger B wave (colored blue) in the point 0.9952. Presently we can observe the end of B wave (colored pink). In accordance with our wave rules and taking into account that the wave B retraces 50 - 61.8% of wave A, we can define the potential targets with the Fibonacci retracement (0.9899-0.9999); the First Take Profit at 0.9937 (61.8% of wave A) and Second Take Profit at 0.9921 (78.6% of wave A). For Stop Loss we can use the 0.9970 resistance level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short position at levels 0.9950 with Stop Loss at 0.9970, Take Profit at 0.9937 and Take Profit 2 at 0.9921 are recommended.