• The USD/CAD declined on Wednesday as oil prices and stock rose while Bank of Canada held its interest rate steady at 0.50 %.
   
• The pair declined to hit low at 1.3050 after Canadian interest rate decision was announced, but recovered to trade around 1.3092 levels in the early US session.
   
• As long the pair trades above strong support located at 1.2981 levels, the ongoing bullish trend for the pair is set to continue.
   
• The immediate support can be seen at 1.3050, break below this level will expose the pair to next support level at 1.2981.
   
• Major resistance can be seen at 1.3189, break above this level will expose it towards 1.3240 levels.
  
  Resistance Levels
  
  R1: 1.3142 (38.2% Retracement level)
  
  R2: 1.3189 (May 24th high)
  
  R3: 1.3240 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.3050 (50% Retracement level)        
  
  S2: 1.2981 (61.8% Retracement level)
  
  S3: 1.2900 (Psychological levels)