• The USD/CAD pair declined at the market opening on Monday as oil prices rose sharply supporting commodity related Canadian dollar after Russia signaled it was ready to join a proposed deal to cap oil production in a bid to stem a two-year price slide.
   
• The Organization of the Petroleum Exporting Countries (OPEC), of which Russia is not a member, aims to agree an output cut by the time it meets in late November.
   
• The currency pair is trading around 1.3170 levels and it is set to decline towards 1.3100 and 1.3060 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3210, a break above will take the pair towards next resistance level at 1.3277.
   
• To the downside immediate support can be seen at 1.3148 levels, a break below will open the door towards next level at 1.3110.
  
  Resistance Levels
  
  R1: 1.3181 (50% Retracement level)
  
  R2: 1.3210 (61.8% Retracement level)
  
  R3: 1.3277 (Daily high)
  
  Support Levels
  
  S1: 1.3148 (38.2% Retracement level)
  
  S2: 1.3110 (23.6% Retracement level)
  
  S3: 1.3067 (Oct 3rd lows)