• The USD/CAD pair declined in the US session as oil correlated Canadian dollar strengthened after major petroleum producers agreed to cut output for the first time in eight years.
   
• Oil prices surged more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut.
   
• The currency pair is trading around 1.3318 levels and it is set to decline towards 1.3280 and 1.3250 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3444, a break above will take the pair towards next resistance level at 1.3540.
   
• To the downside immediate support can be seen at 1.3312 levels, a break below will open the door towards next level at 1.3232.
  
  Resistance Levels
  
  R1: 1.3380 (50% Retracement level)
  
  R2: 1.3444 (61.8% Retracement level)
  
  R3: 1.3540 (Nov 28th high)
  
  Support Levels
  
  S1: 1.3312 (38.2% Retracement level)
  
  S2: 1.3232 (23.6% Retracement level)
  
  S3: 1.3184 (Oct 13th lows)