USD/CAD Elliott Wave
The USD/CAD pair was trading in a downward move yesterday developing 2 wave (coloured green). During the early European session we could observe ascending movement toward the 1.0243 level (100EMA resistance). Therefore during the New York session the USD/CAD pair did not manage to hold this level and price pushed lower reaching a new low at the 1.0165 level. Today during the Asian session price pushed higher and we could observe new daily high at 1.0195 . At the moment this major pair is testing the area around the 1.0165 level and we are awaiting to see the end of the 2 wave (coloured green) today. In accordance with our wave rules wave 2 should end around the 1.0165 level so we can go Long today at 1.0200 with Take Profit 1 at 1.0250 and Take Profit 2 at 1.0300. Support at 1.0160 can be used as Stop loss point.Also it is necessary to monitor the U.S. Crude Oil Inventories, FOMC Statement, Federal Funds Rate, FOMC Economic Projections and FOMC Press Conference data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0119 (S2) 1.0148 (S1) 1.0166 (PP) 1.0196 (R1) 1.0225 (R2) 1.0243 (R3) 1.0273

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 1.0200 with Stop Loss at 1.0160, Take Profit 1 at 1.0250 and Take Profit 2 at 1.0300 are recommended.