• The USD/CAD pair declined on Monday as greenback extending losses after a central bank meeting in Jackson Hole, Wyoming as markets worried about the impact of Tropical Storm Harvey on the U.S. economy.
   
• The U.S. dollar, which slumped on Friday after U.S. Federal Reserve Chair Janet Yellen failed to mention monetary policy at a meeting of central bankers in Wyoming, extended its losses to 16-month lows against a basket of major currencies.
   
• The greenback's weakness this year, along with a string of robust domestic economic data, has helped propel the Canadian dollar up 7.5 percent so far this year.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2509 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 1.2446, break below this level will expose the pair to next support level at 1.2420.
   
• Major resistance can be seen at 1.2477, break above this level will expose the pair towards 1.2509 levels.
  
  Resistance Levels
  
  R1: 1.2477 (50% Retracement level)
  
  R2: 1.2509 (61.8% Retracement level)
  
  R3: 1.2538 (Aug 25th high)
  
  Support Levels
  
  S1: 1.2446 (38.2% Retracement level)    
  
  S2: 1.2420 (July 28th lows)
  
  S3: 1.2400 (Psychological levels)