• The USD/CAD pair rose on Wednesday as fall in oil prices and stronger greenback across the board weighted on the commodity-linked Canadian dollar.
   
• Oil slid more than 1 percent on Wednesday after U.S. data showed a counter-seasonal build in gasoline inventories and a smaller-than-expected decline in overall crude stocks coupled with another rise in domestic crude production.
   
• U.S. crude stocks fell 1 million barrels in the latest week, according to the U.S. Energy Information Administration, a bit less than anticipated. Gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.
   
• The ongoing upside in this pair is likely to continue, as the Canadian dollar is set to weaken further against its US counterpart.
   
• The immediate support can be seen at 1.3456, break below this level will expose the pair to next support level at 1.3438.
   
• Major resistance can be seen at 1.3498, break above this level will expose the pair towards 1.3535 levels.
  
  Resistance Levels
  
  R1: 1.3475 (38.2% Retracement level)
  
  R2: 1.3498 (23.6% Retracement level)
  
  R3: 1.3535 (March 9th high)
  
  Support Levels
  
  S1: 1.3456 (50% Retracement level)        
  
  S2: 1.3438 (61.8% Retracement level)
  
  S3: 1.3400 (Psychological levels)