• The USD/CAD pair rose on Wednesday as crude oil prices declined further and Canadian economic data showed a deep contraction in the country’s economy for the second quarter.
   
• Canada's economy shrank at an annualized 1.6 percent rate in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production.
   
• The currency pair is trading at 1.3116 levels, it is expected to reach 1.3150 levels and 1.3200 levels in the short term.
   
• The immediate support can be seen at 1.3103, break below this level will expose the pair to next support level at 1.3057.
   
• Major resistance can be seen at 1.3200, break above this level will expose it towards 1.3254 levels.
  
  Resistance Levels
  
  R1: 1.3159 (50% Retracement level)        
  
  R2: 1.3200 (Psychological levels)               
  
  R3: 1.3254 (July 27th high)
  
  Support Levels
  
  S1: 1.3103 (38.2% Retracement level)
  
  S2: 1.3057 (50% Retracement level)        
  
  S3: 1.3010 (61.8% Retracement level)