• The USD/CAD pair declined sharply on Tuesday as Canadian dollar was boosted by higher oil prices and weaker greenback across the board.
   
• Prices of oil, one of Canada's major exports, rose for a fourth consecutive session but worries over persistent oversupply capped gains.
   
• Gains for the loonie came ahead of remarks on Wednesday by Bank of Canada Governor Stephen Poloz, who will be participating in a panel discussion at the European Central Bank's Forum on Central Banking.
   
• The currency pair is trading around 1.3196 levels, it is set to decline towards 1.3150 and 1.3100 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3284, a break above will take the pair towards next resistance level at 1.3347.
   
• To the downside immediate support can be seen at 1.3177 levels, a break below will open the door towards next level at 1.3133.
  
  Resistance Levels
  
  R1: 1.3232 (50% Retracement level)
  
  R2: 1.3284 (61.8% Retracement level)
  
  R3: 1.3347 (June 21st high)
  
  Support Levels
  
  S1: 1.3177 (38.2% Retracement level)
  
  S2: 1.3133 (Feb 8th lows)
  
  S3: 1.3100 (23.6% Retracement level)