• USD/CAD pair begun the week declining towards lower levels from Fridays close as a weaker dollar and higher oil prices drove a recovery in commodity-linked Canadian dollar.
   
• Oil hit its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.
   
• The dollar started the week on the defensive after U.S. economic data came in shy of expectations and a weekend missile test by North Korea underpinned the safe-haven yen.
   
• Currently, the currency pair is trading around 1.3646 levels, it is set to decline further towards 1.3600 and later towards 1.3580 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.3700, a break above this level would take the pair towards next resistance level at 1.3739.
   
• To the downside, immediate support can be seen 1.3595, a break below this level will open the door towards next level at 1.3542.
  
  Resistance Levels
  
  R1: 1.3666 (50% Retracement level)                          
  
  R2: 1.3700 (Psychological levels)
  
  R3: 1.3739 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3595 (38.2% Retracement level)
  
  S2: 1.3542 (April 24th lows)
  
  S3: 1.3506 (23.6% Retracement level)