• The USD/CAD pair declined on Thursday as Canadian dollar firmed against broadly stronger greenback as the price of oil, one of Canada's major exports, stabilized after a sharp loss the day before.
   
• The Canadian dollar was also boosted slightly by Wednesday’s data which showed that Canada's economy accelerated in the first quarter on the back of strong consumer spending and a business investment rebound.
   
• U.S. crude prices were up 0.02 percent to $48.33 a barrel after having hit a nearly three-week low on Wednesday.
   
• U.S. industry data showed a big drop in crude stocks last week. But the market remains suspicious whether Organization of the Petroleum Exporting Countries cuts will be enough to rebalance an oversupplied market.
   
• The currency pair is trading around 1.3498 levels and it is set to decline towards 1.3460 and 1.3440 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3585, a break above will take the pair towards next resistance level at 1.3600.
   
• To the downside immediate support can be seen at 1.3460 levels, a break below will open the door towards next level at 1.3425.
  
  Resistance Levels
  
  R1: 1.3532 (50% Retracement level)
  
  R2: 1.3585 (61.8% Retracement level)
  
  R3: 1.3600 (Psychological levels)
  
  Support Levels
  
  S1: 1.3460 (32.2% Retracement level)
  
  S2: 1.3425 (May 29th lows)
  
  S3: 1.3381 (23.6% Retracement level)