• The USD/CAD pair continued its decline on Wednesday, as the Canadian dollar gained strength as the prices of oil gained further ground.
   
• The pair recovered up to 1.2730 levels in the Asian session, but fell back as rebound in oil prices towards 42$ per barrel strengthened Canadian dollar further against the greenback.
   
• The pair remains weak, as the Canadian dollar is set to gain further against dollar in the short term.
• The currency pair is trading at 1.2663 levels, it is expected to reach 1.2600 levels and 1.2550 levels in the short term.
   
• The immediate support can be seen at 1.2632, break below this level will expose the pair to next support level at 1.2546.
   
• Major resistance can be seen at 1.2783, break above this level will expose it towards 1.2800 levels.
  
  Resistance Levels
  
  R1: 1.2700 (50% Retracement level)
  
  R2: 1.2734 (Daily high)   
  
  R3: 1.2783 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.2632 (38.2% Retracement level)    
  
  S2: 1.2600 (Psychological levels)               
  
  S3: 1.2546 (23.6% Retracement level)