FxWirePro: USD/CAD remains bullish as rally continues

The USD/CAD pair rose in the US session on Wednesday as oil prices fell and the greenback gained ground against a basket of major currencies.

Gains for the U.S. dollar came as data showed U.S. private employers added 298,000 jobs in February, well above economists' expectations.

Stronger-than-expected U.S. payroll numbers, due for release on Friday, could help cement expectations that the Federal Reserve will raise interest rates next week.

Oil prices plunged 4 percent to the lowest in nearly seven weeks on Wednesday as U.S. crude inventories surged to new record high, feeding concerns a global could persist even with OPEC output curbs.

The currency pair is trading around 1.3494 levels and it is set to advance further towards 1.3550 and 1.3600 in the short term.

To the upside, the strong resistance can be seen at 1.3525, a break above will take the pair towards next resistance level at 1.3567.

To the downside immediate support can be seen at 1.3477 levels, a break below will open the door towards next level at 1.3449.

Resistance Levels

R1: 1.3525 (23.6% Retracement level)

R2: 1.3567 (Nov 18th high)

R3: 1.3600 (Psychological levels)

Support Levels

S1: 1.3477 (38.2% Retracement level)

S2: 1.3449 (50% Retracement level)

S3: 1.3400 (61.8% Retracement level)