• The USD/CAD pair rose sharply to hit one-week high on Wednesday as the loonie was weighted down by falling oil prices and the International Monetary Fund cut Canada’s global growth forecasts.
   
• Oil prices fell sharply as a rallying dollar and a global fuel glut offset forecasts for lower U.S. crude stockpiles.
   
• The currency pair is trading at 1.3087, levels, it is expected to reach 1.3150 levels and 1.3200 levels in the short term.
   
• The immediate support can be seen at 1.3053, break below this level will expose the pair to next support level at 1.3000.
   
• Major resistance can be seen at 1.3108, break above this level will expose it towards 1.3140 levels.
  
  Resistance Levels
  
  R1: 1.3108 (38.2% Retracement level)    
  
  R2: 1.3140 (July 11th high)                             
  
  R3: 1.3174 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.3053 (50% Retracement level)
  
  S2: 1.3000 (61.8% Retracement level)    
  
  S3: 1.2960 (July 19th lows)