FXStreet (Edinburgh) - The greenback is extending its march north vs. its Canadian peer on Wednesday, lifting USD/CAD to fresh cycle highs in the mid-1.4000s. USD/CAD attention to oil, US releases The persistent weakness around crude oil prices remains unabated so far, and it is one of the major drivers for the soft tone in the Canadian dollar. In the same direction, the greenback has started the year on a solid note, collaborating with the ongoing rally. In the data space, Canadian Trade Balance figures are due later, followed by US ADP report, Factory Orders, Trade Balance and the FOMC minutes, all pointing to further volatility for the pair in the next hours. USD/CAD key levels At the moment the pair is up 0.44% at 1.4052 facing the next resistance levels at 1.4100 and 1.4200 (psychological handles). On the downside, a breach of 1.3614 (3-month uptrend) would target 1.3494 (55-day sma) and then 1.3353 (100-day sma). For more information, read our latest forex news.