• The USD/CAD pair inched higher on Tuesday as Canadian dollar was pressured by fall in oil prices and the country's current account deficit widened.
   
• Prices of oil, one of Canada's major exports, were pressured by concerns that production cuts by the world's big exporters may not be enough to drain a global glut that has depressed the market for almost three years.
   
• Canada's current account deficit widened more than expected in the first quarter of the year on an increase in imports of both good and services, data from Statistics Canada showed. The C$14.05 billion gap exceeded economists' expectations for a deficit of C$12 billion.
   
• However, further upside for this pair is expected to be limited as resistance at 1.3571 is set to limit upside and bring decline towards lower levels.
   
• The immediate support can be seen at 1.3436, break below this level will expose the pair to next support level at 1.3386.
   
• Major resistance can be seen at 1.3571, break above this level will expose it towards 1.3600 levels.
  
  Resistance Levels
  
  R1: 1.3507 (50% Retracement level)
  
  R2: 1.3540 (May 24th high)          
  
  R3: 1.3571 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3436 (38.2% Retracement level)    
  
  S2: 1.3386 (May 26th lows)           
  
  S3: 1.3354 (23.6% Retracement level)