• USD/CAD pair traded in lower range in the  US session hitting as low as 1.3000. But rebounding back sharply after oil prices fell below $40 per barrel.
   
• Oil prices fell more than 1 percent, erasing early gains and pushing U.S. crude back below $40 a barrel as persistent worries of a glut offset the impact of a weak dollar that initially propped the market.
   
• As long the pair trades above strong support zone located at 1.3000 levels, bullish trend for the pair is set to continue in the short term.
   
• To the upside, the strong resistance can be seen at 1.3143, a break above will take the pair towards next resistance level at 1.3188.
   
• To the downside immediate support can be seen at 1.3073 levels, a break below will open the door towards next level at 1.3035.
  
  Resistance Levels
  
  R1: 1.3116 (23.6% Retracement level)
  
  R2: 1.3143 (Aug 2nd high)
  
  R3: 1.3188 (July 29th high)
  
  Support Levels
  
  S1: 1.3073 (38.2% Retracement level)
  
  S2: 1.3035 (50% Retracement level)
  
  S3: 1.3000 (Psychological levels)