USD/CAD Elliott Wave
Last week the USD/CAD pair has finished development of the wave (2) (coloured green) and started to develop the wave (3). During the Friday's European session we could observe ascending movement towards the 1.0050 level. Therefore, during the New York session USD/CAD did not manage to hold this level and price pushed lower toward 0.9950. We can consider this move as end of the C wave of the bigger (2) wave. After finishing 2 wave USD/CAD started pushing higher in the second half of the New York and we could observe the price returning back to 1.0000. Today this major pair continued pushing in a bluish mood and presently price is trading above the 1.0040 level. We are awaiting to see the price under 1.0200 till the end of this week. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 3, we can define the potential targets with Fibonacci extensions (0.9799-1.0061-0.9950) and Take Profit at 1.0218 (100% of wave 1) and Take Profit 2 at 1.0381 (161.8% of wave 1). The resistance level 0.9980 can be used as a Stop Loss.

Support and Resistance levels
(S3) 0.9900 (S2) 0.9939 (S1) 0.9963 (PP) 1.0001 (R1) 1.0040 (R2) 1.0064 (R3) 1.0102

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0050 with Stop Loss at 0.9980, Take Profit 1 at 1.0218 and Take Profit 2 at 1.0381 are recommended.