• The USD/CAD pair remained in strong bullish tone on Wednesday as buying interest continued as falling oil prices and stronger dollar across the board weighted on the Canadian dollar.
   
• Oil prices pared gains after falling by as much as 3 percent in the previous session amid concerns that the rebalancing in the global oil market will take longer than thought.
   
• Further, decline for this pair is expected to be limited as US dollar is set to gain further strength in the coming days on rate hike views.
   
• To the upside, the strong resistance can be seen at 1.3254, a break above this level would take the pair towards next resistance level at 1.3300.
   
• To the downside, strong support can be seen 1.3121, a break below this level will open the door towards next level at 1.3060.
  
  Resistance Levels
  
  R1: 1.3207 (Daily high)                     
  
  R2: 1.3254 (23.6% Retracement level)
  
  R3: 1.3300 (Psychological levels)
  
  Support Levels
  
  S1: 1.3121 (50% Retracement level)
  
  S2: 1.3060 (61.8% Retracement level)
  
  S3: 1.3000 (Aug 5th lows )