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

• The USD/CAD pair declined on Thursday as oil prices rose and the greenback turned lower against a basket of major currencies.
   
• The U.S. dollar gave up earlier gains after a regional gauge of business conditions fell to an eight-month low and as comments by European Central Bank President Mario Draghi boosted the euro.
   
• Oil prices built on gains from the previous session after falling U.S. crude and oil product inventories lifted the market.
   
• Currently, the currency pair is trading at 1.2595 levels, it is set to decline further towards 1.2550 and later 1.2500 levels in the short term.
   
• The immediate support can be seen at 1.2564, break below this level will expose the pair to next support level at 1.2513.
   
• Major resistance can be seen at 1.2651, break above this level will expose the pair towards 1.2700 levels.
  
  Resistance Levels
  
  R1: 1.2606 (50% Retracement level)
  
  R2: 1.2651 (61.8% Retracement level)
  
  R3: 1.2700 (July 18th high)
  
  Support Levels
  
  S1: 1.2564 (38.2% Retracement level)    
  
  S2: 1.2513 (23.6% Retracement level)
  
  S3: 1.2500 (Psychological levels)

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