• The USD/CAD pair rose in the US session hitting as high as 1.2992 after oil prices declined towards $44.51 per barrel and US dollar strengthened across the board.
   
• Oil prices declined on Monday surrendering gains made after Canada’s wild fire knocked over million barrels in daily production capacity, as caution among investors prevented oil price rise.
   
• The currency pair is trading around 1.2977 levels and it is set to advance further towards 1.3040 and 1.3090 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3020, a break above will take the pair towards next resistance level at 1.3096.
   
• To the downside immediate support can be seen at 1.2959 levels, a break below will open the door towards next level at 1.2900.
  
  Resistance Levels
  
  R1: 1.2992 (Daily high)
  
  R2: 1.3020 (38.2% Retracement level)
  
  R3: 1.3096 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.2959 (50% Retracement level)
  
  S2: 1.2900 (61.8% Retracement level)
  
  S3: 1.2830 (May 6th lows)