USD/CAD Elliott Wave
Last week, the USD/CAD pair was trading downwards, corrective wave C (coloured blue) of the bigger wave (X) (coloured red) was developing. In the chart above, we can observe that the USD/CAD pair has proved to be an impulsive wave, and from five required waves, we have only four completed so far. While the price stays below the 1.1120 level, we are going to look for one more selling opportunity in the [v] wave (coloured black). In accordance with our wave rules and taking into account that wave C should extend 123.6% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0890 (123.6% of wave A). Swing traders need to wait a new low to get reached, before we try another long opportunity.

Alternate count: Corrective wave [iv] (coloured black) is still developing, and if this count takes place, we are going to see a few more sessions in the sideways consolidation, before the price turns lower. But as you can see, we would like to see more downward movements in the pair, before we see another push higher.

Support and Resistance
(S3) 1.0901, (S2) 1.0957, (S1) 1.0993, (PP) 1.1049, (R1) 1.1085, (R2) 1.1141, (R3) 1.1177.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.1020 with stop loss at 1.1150 and take profit at 1.0890 are recommended.