• USD/CAD pair has begun the week declining towards lower levels on Monday as oil prices rose and investors’ attention turned towards speech by US Federal Reserve Janet Yellen .
   
• Currently the currency pair is trading around 1.2855 levels, it is set to decline further towards 1.2750 later towards 1.2700 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.2963, a break above this level would take the pair towards next resistance level at 1.3000.
   
• To the downside immediate support can be seen 1.2814, a break below this level will open the door towards next level at 1.2770 handle.
  
  Resistance Levels
  
  R1: 1.2887 (50% Retracement level)                          
  
  R2: 1.2963 (61.8% Retracement level)
  
  R3: 1.3000 (Psychological levels)
  
  Support Levels
  
  S1: 1.2814 (38.2% Retracement level)
  
  S2: 1.2770 (May 5th lows)
  
  S3: 1.2723 (23.6% Retracement level)