• The USD/CAD pair declined on Friday as oil prices rose, while softer-than-expected U.S. data weighed on the greenback.
   
• Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks.
   
• The dollar extended its earlier decline against a basket of currencies on Friday as weaker-than-forecast data on consumer prices and retail sales in June raised doubts about U.S. economic growth and whether the Federal Reserve may raise rates again in 2017.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2808 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• The immediate support can be seen at 1.2689, break below this level will expose the pair to next support level at 1.2616.
   
• Immediate resistance can be seen at 1.2748, break above this level will expose the pair towards 1.2808 levels.
  
  Resistance Levels
  
  R1: 1.2748 (50% Retracement level)
  
  R2: 1.2808 (61.8% Retracement level)
  
  R3: 1.2934 (July 12th high)
  
  Support Levels
  
  S1: 1.2689 (38.2% Retracement level)    
  
  S2: 1.2616 (23.6% Retracement level)
  
  S3: 1.2600 (Psychological levels)