• The USD/CAD pair declined on Thursday as the Canadian dollar gained strengthened against its broadly stronger U.S. counterpart shaking off lower oil prices, as investors assessed political uncertainty.
   
• The U.S. dollar rose against a basket of major currencies after the European Central Bank cut its forecasts for inflation.
   
• Brent crude stabilized at $48.18 a barrel in New York trading, after another steep drop briefly below $48 overnight. It is now down more than 7 percent year-on-year.
   
• Currently, the currency pair is trading at 1.3496 levels, it is set to decline further towards 1.3470 and later 1.3440 levels in the short term.
   
• The immediate support can be seen at 1.3469, break below this level will expose the pair to next support level at 1.3425.
   
• Major resistance can be seen at 1.3564, break above this level will expose it towards 1.3607 levels.
  
  Resistance Levels
  
  R1: 1.3521 (38.2% Retracement level)
  
  R2: 1.3564 (50% Retracement level)        
  
  R3: 1.3607 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3469 (23.6% Retracement level)    
  
  S2: 1.3425 (June 7th lows)             
  
  S3: 1.3400 (Psychological levels)