• The USD/CAD pair declined on Monday as Canadian dollar was boosted by upbeat domestic economic data and higher oil prices while, greenback struggled to shrug political uncertainty.
   
• Canada wholesale trade rose more than expected in May, driven by increased sales of motor vehicles and agricultural supplies, data from Statistics Canada showed on Monday.
   
• Prices for oil, a major Canadian export, rallied after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.2594 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 1.2482, break below this level will expose the pair to next support level at 1.2413.
   
• Major resistance can be seen at 1.2594, break above this level will expose the pair towards 1.2638 levels.
  
  Resistance Levels
  
  R1: 1.2538 (50% Retracement level)
  
  R2: 1.2594 (61.8% Retracement level)
  
  R3: 1.2638 (July 20th high)
  
  Support Levels
  
  S1: 1.2482 (38.2% Retracement level)    
  
  S2: 1.2413 (23.6% Retracement level)
  
  S3: 1.2400 (Psychological levels)