USD/CAD Elliott Wave
The USD/CAD pair was trading in a upward move yesterday. During the Asian and European session we could observe sideways move. Therefore during the New York session when U.S. New Home Sales showed possessive results this major pushed to the 1.0295 level. The USD/CAD did not to hold this level and price return to 1.0230 level at the end of the NY session.Today we can observe this pair slightly higher but before NY session we do no expect much change. Presently we can observe developing of the 3 wave (coloured green). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9800-1.0062-0.9955) with Take Profit at 1.0381(161.8% of wave 1). We can use 1.0210 as stop loss point. Also it is necessary to consider the data concerning the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Flash Manufacturing PMI, FOMC Member Dudley Speech, Treasury Sec Geithner Speech and EU ECB President Draghi Speech, and the Belgium NBB Business Climate that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0149 (S2) 1.0186 (S1) 1.0210 (PP) 1.0248 (R1) 1.0285 (R2) 1.0309 (R3) 1.0347

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 1.0285 with Stop Loss at 1.0210 and Take Profit at 1.0381 are recommended.