• The USD/CAD pair continued its decline on Thursday as the Canadian dollar gained strength as prices of oil rose for a third straight day, offsetting broader gains for the greenback.
   
• U.S. crude prices were up 0.83 percent at $49.92 a barrel, supported by supply disruptions in Libya and lower output from other Organization of the Petroleum Exporting Countries exporters.
   
• Canadian producer prices edged up 0.1 percent in February from January, which was less than the 0.3 percent increase analysts had expected. Still, the year-on-year gain picked up to 3.5 percent from 2.5 percent.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.3363 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
   
• The immediate support can be seen at 1.3258, break below this level will expose the pair to next support level at 1.3217.
   
• Major resistance can be seen at 1.3363, break above this level will expose it towards 1.3408 levels.
  
  Resistance Levels
  
  R1: 1.3315 (38.2% Retracement level)
  
  R2: 1.3363 (50% Retracement level)        
  
  R3: 1.3408 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3258 (23.6% Retracement level)    
  
  S2: 1.3217 (Jan 23rd lows)            
  
  S3: 1.3174 (Jan 6th lows)