• The USD/CAD pair declined in the US session on Wednesday as oil prices rose sharply supporting commodity related Canadian dollar after Russia's comments on output cuts.
   
• Oil prices edged higher in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected U.S. crude storage build.
   
• The currency pair is trading around 1.3413 levels and it is set to decline towards 1.3380 and 1.3300 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3449, a break above will take the pair towards next resistance level at 1.3502.
   
• To the downside immediate support can be seen at 1.3405 levels, a break below will open the door towards next level at 1.3360.
  
  Resistance Levels
  
  R1: 1.3449 (38.2% Retracement level)
  
  R2: 1.3502 (23.6% Retracement level)
  
  R3: 1.3557 (Nov 14th high)
  
  Support Levels
  
  S1: 1.3405 (50% Retracement level)
  
  S2: 1.3360 (61.8% Retracement level)
  
  S3: 1.3300 (Psychological levels)