• Canadian dollar continues under pressure against the backdrop of increasing selling interest around crude oil, crude futures hit 6-1/2 lows today.
  
  
• Hourly price action dips below the cloud and Stochs and RSI are biased lower
  
  
• USD/CAD is currently trading at 1.3039, with immediate resistance at at 1.3083 (Tenkan, High Aug 14) ahead of 1.3158 (high Aug 12). 
  
  
• On the other hand, a breakdown of 1.3043 (low Aug 14) would open the door to 1.2952 (Daily low Aug 12). kijun line lends good support at 1.2934.
  
  
• Canadian Manufacturing sales due later in the day and slew of US data awaited for further direction.
  
  

Resistance Levels:

R1: 1.3083 (Tenkan, High Aug 14) 

R2: 1.3158 (Daily High Aug 12)

R3: 1.3182 (Daily High Aug 10)

Support Levels:

S1: 1.3043 (low Aug 14) 

S2: 1.2952 (Daily low Aug 12)

S3: 1.2940 (Daily Low Jul 31)

S4: 1.2934 (Kijun-Sen)