• The USD/CAD pair rose on Wednesday after oil dipped as U.S. refinery shutdowns weighed on oil prices and the greenback climbed against a basket of major currencies.
   
• The U.S. dollar was broadly higher after U.S. data indicated solid economic momentum, keeping the prospect of a December interest rate increase alive.
   
• Prices of oil, one of Canada's major exports, slid as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude.
   
• Currently, the currency pair is trading at 1.2618 levels, it is set to decline further towards 1.2670 and later 1.2700 levels in the short term.
   
• Immediate support can be seen at 1.2559, break below this level will expose the pair to next support level at 1.2503.
   
• Immediate resistance can be seen at 1.2618, break above this level will expose the pair towards 1.2668 levels.
  
  Resistance Levels
  
  R1: 1.2618 (38.2% Retracement level)
  
  R2: 1.2668 (Aug 4th  high)
  
  R3: 1.2690 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.2559 (50% Retracement level)        
  
  S2: 1.2503 (61.8% Retracement level)
  
  S3: 1.2446 (Aug 28th lows)