• The USD/CAD pair declined sharply on Monday as slightly weaker dollar and rising oil prices supported commodity related Canadian dollar.
   
• Oil prices rose over 4 percent to a three-week high on Monday, bolstered by growing conviction that major oil producing countries would agree to limit output at a meeting next week.
   
• The currency pair is trading around 1.3439 level, the ongoing downside is set to continue for this pair as the resistance level at 1.3500 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 1.3453, a break above will take the pair towards next resistance level at 1.3500.
   
• To the downside immediate support can be seen at 1.3386 levels, a break below will open the door towards next level at 1.3345.
  
  Resistance Levels
  
  R1: 1.3453 (50% Retracement level)
  
  R2: 1.3500 (Psychological levels)
  
  R3: 1.3561 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.3386 (Session lows)
  
  S2: 1.3345 (38.2% Retracement level)
  
  S3: 1.3262 (Oct 9th lows)