USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading downwards, corrective wave [ii] (coloured black) of the bigger wave A (coloured blue) has been developing. In the 1-hour chart above, we can observe that descending movements from the 1.1277 level is taking a shape of double three pattern. After a price break 50-61.8% of [i] wave, the USD/CAD pair is trying to find support now at the 76.4% level. While price remains above the 1.1020 level, we are going to look for the break above the upper trend line to join the buyers. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave [i], we can define the potential targets with measuring wave [i] with take profit at 1.1494 (161.8% of wave [i]).

Support and Resistance
(S3) 1.0975, (S2) 1.1028, (S1) 1.1064, (PP) 1.1117, (R1) 1.1153, (R2) 1.1206, (R3) 1.1242.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1150 with stop loss at 1.1020 and take profit at 1.1494 are recommended.