• USD/CAD declined on Thursday as commodity-linked Canadian dollar gained strength after the Organization of the Petroleum Exporting Countries agreed to limit crude output at its policy meeting in November.
   
• The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd.
   
• Currently, the currency pair is trading at 1.3090 levels, it is set to  decline towards 1.3000 and later 1.2950 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.3155, a break above will take the pair towards next resistance level at 1.3200.
   
• To the downside, immediate support can be seen at 1.3042 levels, a break below will open the door towards next level at 1.2967.
  
  Resistance Levels
  
  R1: 1.3155 (61.8% Retracement level)
  
  R2: 1.3200 (Psychological levels)
  
  R3: 1.3281 (Sep 27th high)
  
  Support Levels
  
  S1: 1.3042 (50% Retracement level)
  
  S2: 1.2967 (38.2% Retracement level)
  
  S3: 1.2850 (23.6% Retracement level)