Simply by using Elliot wave analysis the trend is determined to be downwards for the next coming few days. After it completes the movement (e) the after it traces the we can enter the trade at 108.858 then take the profit at at the level 106.958 since its a major support line.
By using Elliot wave analysis clearly we can easily determine the pattern simply by following the the trends in a triangle. And with the aid of Fibonacci for a sell setup we have the first stop loss at a level of 1.618 and the second take profit at 2.618 level.
USDCAD has been in a consolidation stage for a little bit longer time, and it looks like it forms a flag pattern. I see an impulse going into a flat consolidation market, hence I will used a wave pattern to determine my entry level and on the fifth wave pattern (e), I have a long setup and I will long at this level. My tp at 1.31655 and sl 1.27281