• USD/CAD has declined on Monday as the pair was weighted down after oil prices rose and Friday’s sluggish U.S. data tempered expectations of a Federal Reserve interest rate hike this year.
   
• Further upside is expected to be limited as the pair the pair finds strong resistance at 1.3029 which should limit further upside and bring decline towards lower levels.
   
• Currently, the currency pair is trading at 1.2905 levels, it is set to decline future towards 1.2860 and later 1.2800 levels in the short term.
   
• To the upside, immediate resistance can be seen at 1.3029, a break above will take the pair towards next resistance level at 1.3100.
   
• To the downside, immediate support can be seen at 1.2885 levels, a break below will open the door towards next level at 1.2834.
  
  Resistance Levels
  
  R1: 1.2954 (50% Retracement level)
  
  R2: 1.3029 (61.8% Retracement level)
  
  R3: 1.3100 (Psychological levels)
  
  Support Levels
  
  S1: 1.2885 (38.2% Retracement level)
  
  S2: 1.2834 (23.6% Retracement level)
  
  S3: 1.2800 (Psychological levels)