USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in an upward move, corrective C wave (coloured blue) of the bigger wave (B) (coloured green) was developing. During the Friday's Asian session we could observe descending movement from 1.0010 towards the 0.9982 level. Therefore, during the European and New York sessions the USD/CAD pair did not manage to hold this level and the price started pushing higher reaching a new daily high at 1.0032 level. We can consider this move as the end of (B) wave (coloured green). Today this major pair is trading around 0.9990 level and we are expecting to see the price around 0.9951 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9951 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0017 level as stop loss.

Support and Resistance
(S3) 0.9958 (S2) 0.9977 (S1) 0.9990 (PP) 1.0009 (R1) 1.0028 (R2) 1.0041 (R3) 1.0060

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9980 with stop loss 1.0017 and take profit  at 0.9951 are recommended.