USD/CAD Elliott Wave
For the last 2 days the USD/CAD pair was developing a complex corrective wave 4 (coloured blue). Yesterday during the European session we could observe the ascending movement towards the 1.0424 level and we can consider this move as end of the (x) wave (coloured pink). Therefore during the New York session the USD/CAD pair started pushing lower reaching a 1.0360 level.Today during the Asian session this major pair continued trading in a bearish mood and price reached 1.0310 level.Presently we can observe the end of the 4 wave and prepare to enter Long position for the 5 wave.In accordance with our wave rules and taking into account that the wave 5 retraces 78.6% of the wave 3, we can define the potential targets with measuring the 3 wave with Take Profit 1 at 1.0450 (61.8% of wave 3) and Take Profit 2 at 1.0488 (78.6% of wave 3). The invalidation of  this count at 1.0269 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S FOMC Member Lockhart Speaks, Revised Nonfarm Productivity q/q, FOMC Member Lockhart Speaks, Crude Oil Inventories,Beige Book and FOMC Member Williams Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0323 (S2) 1.0348 (S1) 1.0363 (PP) 1.0387 (R1) 1.0412 (R2) 1.0427 (R3) 1.0451

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 1.0350 with Stop Loss at 1.0269 Profit 1 at 1.0450 and Take Profit 2 at 1.0488 are recommended