• The USD/CAD pair declined on Thursday as greenback sank a day after the U.S. Federal Reserve refrained from signaling an acceleration of interest rate hikes.
   
• The Fed raised rates for a second time in three months on Wednesday but both the policy-setting committee and Chair Janet Yellen said future increases will be gradual.
   
• The move dashed market expectations that the U.S. central bank would adopt hawkish rhetoric following a batch of stronger-than-expected economic indicators.
   
• The currency pair is trading around 1.3320 levels and it is set to decline towards 1.3270 and 1.3240 in the short term.
   
• To the upside, the strong resistance can be seen at 1.3384, a break above will take the pair towards next resistance level at 1.3480.
   
• To the downside immediate support can be seen at 1.3277 levels, a break below will open the door towards next level at 1.3208.
  
  Resistance Levels
  
  R1: 1.3331 (50% Retracement level)
  
  R2: 1.3384 (61.8% Retracement level)
  
  R3: 1.3480 (March 15th high)
  
  Support Levels
  
  S1: 1.3277 (38.2% Retracement level)
  
  S2: 1.3208 (23.6% Retracement level)
  
  S3: 1.3160 (Feb 28th lows)