• The USD/CAD pair declined on Wednesday as Canadian dollar gained strength across the board after Bank of Canada held interest rate steady at 0.50 percent and offered a tentative nod to recent signals of strength in the economy.
   
• Bank of Canada said recent economic growth has been faster than expected. Still, it cautioned that it was too soon to conclude the Canadian economy was on a sustainable growth path.
   
• The bank has held rates steady since cutting twice in 2015, and the low rates has been blamed for helping inflate the housing market, particularly in Toronto.
   
• The currency pair is trading around 1.3291 levels and it is set to decline further towards 1.3250 and 1.3220 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3356, a break above will take the pair towards next resistance level at 1.3400.
   
• To the downside immediate support can be seen at 1.3286 levels, a break below will open the door towards next level at 1.3255.
  
  Resistance Levels
  
  R1: 1.3319 (61.8% Retracement level)
  
  R2: 1.3356 (April 11th high)
  
  R3: 1.3400 (Psychological levels)
  
  Support Levels
  
  S1: 1.3286 (50% Retracement level)
  
  S2: 1.3255 (38.2% Retracement level)
  
  S3: 1.3212 (23.6% Retracement level)