USD/CAD supported above 1.42 handle, small correction expected

Pair is currently trading at 1.4237 levels after fell to 12-1/2 month low against USD. It made multi year low at 1.4314 levels.
 

• A rebound in oil prices is not coming until 2017 as markets need time to adjust to the copious amounts of crude reserves, the Energy Information Administration (EIA), a statistical arm of the US Department of Energy said in its monthly short-term energy outlook released on Tuesday. Prices will fall by another 21% this year, forcing the first drop in US shale oil output since 2008.
   
• Rebound from the 1.4314 level, may drag the pair again below 1.4200 levels.
   
• No major fundamental news is expecting from Canada except New house price index.
   
• Number of US economic data may drive the pair for further direction.
   
• To the topside, Resistance levels are seen at 1.4285, 1.4355 and 1.4466 levels.
   
• Alternatively, support levels are seen at 1.4174, 1.4104 and 1.3993 levels.