• Canadian dollar rose sharply against US dollar on Thursday, after Canadian dollar was supported by rally in oil price which rose above $50 a barrel for the first time in nearly seven months as supply glut that plagued the oil market for many days showed signs of easing.
   
• The intraday trend remains bearish for the pair as the oil-correlated Canadian dollar is set to gain against dollar.
   
• The currency pair is trading at 1.2917 levels, it is expected to reach 1.2850 levels and later 1.2800 levels in the short term.
   
• The immediate support can be seen at 1.2893, break below this level will expose the pair to next support level at 1.2820.
   
• Major resistance can be seen at 1.3043, break above this level will expose it towards 1.3100 levels.
  
  Resistance Levels
  
  R1: 1.2953 (50% Retracement level)                        
  
  R2: 1.3013 (61.8% Retracement level)
  
  R3: 1.3043 (Daily high)
  
  Support Levels
  
  S1: 1.2893 (38.2% Retracement level)    
  
  S2: 1.2869 (May 17th lows)           
  
  S3: 1.2820 (23.6% Retracement level)