• The USD/CAD declined modestly on Wednesday as crude oil prices recovered some ground after a recent string of declines as investors awaited upcoming crude oil inventory data that could influence oil prices, as well as an interest rate decision from the U.S. Federal Reserve.
   
• The pair hit low at 1.3177 before recovering slightly to trade around 1.3184 levels in the early US session.
   
• As long the pair trades above strong support located at 1.3000 levels, the ongoing bullish trend for the pair is set to continue.
   
• The immediate support can be seen at 1.3131, break below this level will expose the pair to next support level at 1.3070.
   
• Major resistance can be seen at 1.3242, break above this level will expose it towards 1.3275.
  
  Resistance Levels
  
  R1: 1.3195 (38.2% Retracement level)
  
  R2: 1.3242 (July 26th high)
  
  R3: 1.3275 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.3131(50% Retracement level)         
  
  S2: 1.3070 (61.8% Retracement level)
  
  S3: 1.3000 (Psychological levels)