FxWirePro: USD/CAD bearish again as upside bias reverses

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)

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