FxWirePro: USD/CAD weakens as oil prices rally, scope for further downside

The USD/CAD pair slipped lower on Firday as crude oil prices rose after International Energy Agency (IEA) said in a report that markets may have reached its bottom. 

• The pair hit low at 1.3168 before recovering to trade around 1.3212 levels in the early US session. 
   
• As long the pair trades below strong resistance located at 1.3300 levels, the ongoing bearish trend for the pair is set to continue. 
   
• The currency pair is trading around 1.3215 levels, it is expected to reach 1.3100 levels and 1.3050 levels in the short term.
   
• The immediate support can be seen at 1.3200, break below this level will expose the pair to next support level at 1.3182.
   
• Major resistance can be seen at 1.3285, break above this level will expose it towards 1.3314.
  
  Resistance Levels
  
  R1: 1.3232 (50% Retracement level)
  
  R2: 1.3285 (61.8% Retracement level)
  
  R3: 1.3314 (Daily high)
  
  Support Levels
  
  S1: 1.3200 (Psychological levels)
  
  S2: 1.3182 (Session lows)
  
  S3: 1.3115 (23.6% Retracement level)