• The USD/CAD pair declined on Wednesday as oil rose and the greenback was broadly weaker amid political turmoil and weak economic data.
   
• Oil prices rose on after U.S. government data showed a decline in domestic crude inventories and strong refining activity in the world's largest oil consumer, ahead of next week's meeting of major oil producers.
   
• U.S. crude inventories fell by 1.8 million barrels for the week to May 12, less than the of 2.4 million barrels that had been forecast. But news of a draw lifted prices that had slumped in late trading on Tuesday the American Petroleum Institute had reported a build in crude stocks for the week.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.3761 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• Immediate support can be seen at 1.3569, break below this level will expose the pair to next support level at 1.3500.
   
• Immediate resistance can be seen at 1.3666, break above this level will expose the pair towards 1.3721 levels.
  
  Resistance Levels
  
  R1: 1.3666 (50% Retracement level)
  
  R2: 1.3721 (May 15th high)
  
  R3: 1.3761 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3569 (50% Retracement level)        
  
  S2: 1.3500 (Psychological levels)
  
  S3: 1.3454 (23.6% Retracement level)