FXStreet (Córdoba) - A series of headlines about a proposal to cut global oil output sent USD/CAD briefly below 1.4000 as the loonie surged in tandem with oil prices, but the pair quickly returned to previous levels as the reports were later denied. USD/CAD broke below 1.4000 and moved to a low of 1.3946 as WTI futures rallied to $34.82 a barrel, but then turned around, with the pair climbing back to the 1.4100 zone and erasing intraday losses. At time of writing, the pair is trading at 1.4075, virtually unchanged on the day. From a wider view, USD/CAD is near completing a full retracement of its 2016 rally, as the pair has been correcting lower ever since reaching a 13-year peak at 1.4689 on Jan 20. USD/CAD levels to watch As for technical levels, next supports are seen at 1.3946 (Jan 28 low), 1.3900 (psychological level) and 1.3841 (50-day SMA). On the flip side, immediate resistances could be found at 1.4121 (Jan 28 high), 1.4155 (Jan 27 high), 1.4221 (20-day SMA) and 1.4299/1.4300 (Jan 22 high/psychological level). For more information, read our latest forex news.