• The USD/CAD pair declined on Friday as prices of oil, one of Canada's major exports, stabilized after a sharp drop the day before.
   
• Oil prices had plunged on Thursday following an Organization of the Petroleum Exporting Countries-led decision to extend current production curbs that investors gauged did not go far enough to reduce a global supply glut.
   
• Short rally around 1.3490 should be viewed as selling opportunities, as the Canadian dollar is stronger against the US dollar in intraday trading.
   
• The immediate support can be seen at 1.3396, break below this level will expose the pair to next support level at 1.3349.
   
• Major resistance can be seen at 1.3500, break above this level will expose the pair towards 1.3546 levels.
  
  Resistance Levels
  
  R1: 1.3471 (50% Retracement level)
  
  R2: 1.3500 (Psychological levels)
  
  R3: 1.3546 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3396 (38.2% Retracement level)    
  
  S2: 1.3349 (March 29th lows)
  
  S3: 1.3303 (23.6% Retracement level)