USD/CAD pushing higher - Analysis for June 25, 2012

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USD/CAD Elliott Wave
During the Friday's trading session the USD/CAD pair was trading in a downward move developing corrective 4 wave (coloured blue). During the European session we could observe ascending movement toward the 1.0299 level. We can consider this move as the end of the 3 wave (coloured blue). Therefore during the New York session the USD/CAD pair started pushing lower and price reached a new daily low at 1.0240 level (end of the corrective 4 wave). Today during the Asian session this major pair has started pushing higher and the price is currently around the 1.0270 level.
Presently we can see the developing of the final 5 wave of the bigger wave (1) (coloured green) and we are waiting for the price to move higher today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring (1) wave (coloured green) with Take Profit 1 at 1.0305 (100% of wave 1) and Take Profit 2 at 1.0346 (161.8% of wave 1). Resistance at 1.0230 can be used as a Stop Loss point.
Also it is necessary to monitor the U.S. New Home Sales data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.0202 (S2) 1.0224(S1) 1.0238 (PP) 1.0260(R1) 1.0282 (R2) 1.0296(R3) 1.0318
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 1.0230 Take Profit 1 at 1.0305 and Take Profit 2 at 1.0346 are recommended.