• The USD/CAD pair rose on Thursday as oil prices declined, with the currency pair pulling back from 4-week low reached on Wednesday.
   
• Losses for the loonie came one day after Bank of Canada policymakers said they had considered adding more monetary stimulus.
   
• The pair hit low at 1.3166 before rebounding sharply to trade around 1.3192 levels in the afternoon US session.
   
• Short dip around 1.3157 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
   
• The immediate support can be seen at 1.3190, break below this level will expose the pair to next support level at 1.3157.
   
• Major resistance can be seen at 1.3240, break above this level will expose the pair towards 1.3305 levels.
  
  Resistance Levels
  
  R1: 1.3217 (Session high)
  
  R2: 1.3240 (23.6% Retracement level)
  
  R3: 1.3305 (Oct 13th high)
  
  Support Levels
  
  S1: 1.3190 (38.2% Retracement level)    
  
  S2: 1.3157 (50% Retracement level)
  
  S3: 1.3120 (61.8% Retracement level)