FXStreet (Mumbai) - The Canadian dollar prolongs its downward trajectory against its American counterpart for the third day in row this Wednesday, in tandem with the oil prices. Loonie badly hit by plummeting oil prices Currently, the USD/CAD pair rises 0.72% to 1.4095, retreating quickly from fresh eleven-year tops printed at 1.4103 in the last hours. USD/CAD remains strongly bid and extends to the highest level since Aug 2003 on the back of the ongoing weakness in the oil prices. Oil is Canada’s top export product. At the moment, the US oil (WTI) drops -2.65% to multi-week lows near $ 35 while the Brent oil sinks to fresh 11-year lows just ahead of 35 levels. Persisting over supply worries and comments from Iran OPEC official triggered a renewed sell-off in the black gold. Iran OPEC official also noted, “Iran-Saudi Arabia diplomatic tension's impact on Oil market is short term, oversupply is "biggest threat." Moreover, the USD/CAD pair soars on the back of rising demand for the greenback, as investors run for cover amid global market turmoil triggered resurfacing China concerns and falling oil prices. The US dollar index trades 0.13% to 99.60 levels. Looking ahead, the pair will continue to track the oil price-action ahead of a flurry of US economic data and FOMC minutes due for release in the NA session. USD/CAD Technical Levels To the upside, the next resistance is located 1.4165/69 (Aug 2003 High & daily R3) levels and above which it could extend gains to 1.4190 (Jul 2003 High). To the downside, immediate support might be located at 1.4049 (1h 10-SMA) and below that 1.4000 (round number). For more information, read our latest forex news.