USD/CAD Elliott Wave
During the last week the USD/CAD pair was trading upwards developing 3 wave (coloured blue). During the Friday's European session we could observe descending move toward the 1.0318 level. We can consider this move as end of the 4 wave (coloured pink) of the bigger 3 wave (coloured blue). Therefore during the New York session the USD/CAD pair stated pushing higher for developing last 5 wave of the bigger 3 wave and we could observe price above 1.0220 level. Today during the early Asian session price pushed one more time and we could observe high at 1.0229 level. We can consider this move as end of 5 wave. Presently we are in the corrective 4 wave and I  expect to see price lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0229) with Take Profit 1 at 1.0111 (50% of wave 3) and Take Profit 2 at 1.0083 (61.8% of wave 3). The resistance level at 1.0230 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.0106 (S2) 1.0140 (S1) 1.0161 (PP) 1.0195 (R1) 1.0229 (R2) 1.0250 (R3) 1.0284

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0185 with Stop Loss at 1.0230, Take Profit 1 at 1.0111 and Take Profit 2 at 1.0083 are recommended.