FxWirePro: USD/CAD neutral in the near-term, scope for downward resumption

• The USD/CAD pair was little changed on Wednesday as investors braced for the Bank of Canada's interest rate decision, while oil prices rose, and the greenback dipped against a basket of major currencies.
   
• The Bank of Canada is widely expected to raise interest rates for the first time in nearly seven years, following the U.S. Federal Reserve in trying to inch them back to normal after the global financial crisis a decade ago.
   
• Prices of oil, one of Canada's major exports, climbed after data showed a fall in U.S. fuel inventories and the U.S. government lowered its forecast for crude output.
   
• The pair remains under bears control unless until it trades below 1.3000 resistance level, therefore it is good to sell this pair on short rally.
   
• Immediate support can be seen at 1.2859, break below this level will expose the pair to next support level at 1.2800.
   
• Strong resistance can be seen at 1.3000, break above this level will expose the pair towards 1.3041 levels.
  
  Resistance Levels
  
  R1: 1.3000 (50% Retracement level)
  
  R2: 1.3041 (June 29th high)
  
  R3: 1.3118 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.2859 (38.2% Retracement level)
  
  S2: 1.2800 (Psychological levels)
  
  S3: 1.2718 (23.6% Retracement level)

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