• USD/CAD opened with gap in today’s Asian session and jumped towards higher levels after major oil exporters failed to agree on an output freeze, sending oil prices lower once again.
   
• The Canadian dollar has weakened against dollar in the early US session, as crude oil prices declined further towards $40.80 a barrel.
   
• The currency pair is trading at 1.2906 levels, it is expected to advance further towards 1.2950 levels and 1.3000 levels in the short term.
   
• The immediate support can be seen at 1.2870, break below this level will expose the pair to next support level at 1.2838.
   
• Major resistance can be seen at 1.2932, break above this level will expose it towards 1.2986 levels.
  
  Resistance Levels
  
  R1: 1.2900 (38.2% Retracement level)
  
  R2: 1.2932 (23.6% Retracement level)
  
  R3: 1.2986 (Daily high)
  
  Support Levels
  
  S1: 1.2870 (50% Retracement level)
  
  S2: 1.2838 (61.8% Retracement level)    
  
  S3: 1.2811 (Daily lows)