FxWirePro: USD/CAD resumes downside after oil prices rally, outlook strongly bearish

• The USD/CAD pair slipped sharply to test support level at 1.3678 levels, as Canadian dollar strengthened against the green back after crude oil prices rose.
   
• As long the pair trades below strong support zone located at 1.3100 levels, the ongoing bearish trend for the pair is set to continue.
   
• The currency pair is trading around 1.2990 levels, it is expected to reach 1.2900 levels and 1.2850 levels in the short term.
   
• The immediate support can be seen at 1.2966, break below this level will expose the pair to next support level at 1.2928.
   
• Major resistance can be seen at 1.3100, break above this level will expose it towards 1.3150 and beyond.
  
  Resistance Levels
  
  R1: 1.3000 (50% Retracement level)
  
  R2: 1.3033 (61.8% Retracement level)
  
  R3: 1.3100 (Psychological levels)
  
  Support Levels
  
  S1: 1.2966 (38.2% Retracement level)    
  
  S2: 1.2928 (23.6% Retracement level)

S3: 1.2910 (Daily lows)