• The USD/CAD pair dipped on Monday as Canadian dollar strengthened after oil prices rose and ahead of a speech by Bank of Canada Senior Deputy Governor Carolyn Wilkins.
   
• Gains for the loonie follow surprisingly strong domestic jobs data on Friday that boosted the argument for the Bank of Canada to raise interest rates.
   
• Wilkins will give a speech on the economy. The central bank will release her prepared remarks at 1:20 p.m. ET (1720 GMT).
   
• Prices of oil, one of Canada's major exports, rose to break a three-day losing streak after futures traders increased their bets on a renewed price upswing.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.3547 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• Immediate support can be seen at 1.3425, break below this level will expose the pair to next support level at 1.3384.
   
• Immediate resistance can be seen at 1.3486, break above this level will expose the pair towards 1.3500 levels.
  
  Resistance Levels
  
  R1: 1.3486 (50% Retracement level)
  
  R2: 1.3500 (Psychological levels)
  
  R3: 1.3547 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3425 (38.2% Retracement level)    
  
  S2: 1.3384 (May 25th lows)
  
  S3: 1.3349 (23.6% Retracement level)