FXStreet (Mumbai) - The Canadian dollar battering by its US counterpart extends into a seventh-day today, driving USD/CAD to fresh more than twelve-year highs near 1.4250 levels. USD/CAD rallies as oil rout extends Currently, the USD/CAD pair rises 0.28% to 1.4250, having printed fresh twelve-year highs at 1.4259 few minutes ago. The extension of the weakness in oil prices combined with mounting China economic slowdown concerns continue to weigh heavily on the commodity currencies – the CAD and thus, pushes it to fresh multi-year lows. At the moment, both crude benchmarks are trading at their lowest levels in twelve years, with the US oil (WTI) dropping -2.85% to $ 30.48, while the Brent sinks -2.25% to 30.90. Moreover, the latest BOC business outlook released yesterday also continues to weigh on the loonie. According to the BOC quarterly Business Outlook Survey (BOS), "Investment and hiring intentions have fallen to their lowest levels since 2009 as domestically oriented firms and those exposed to the resource sector adjust their plans to slower activity." In the day ahead, the oil price movement will continue to direct further moves in the USD/CAD pair. USD/CAD Technical Levels To the upside, the next resistance is located 1.4294 (daily R1) and above which it could extend gains to 1.4350 (psychological & April 2003 levels). To the downside, immediate support might be located at 1.4200/ 1.4199 (round number/ 1h 20-SMA) and below that 1.4162 (1h 50-SMA). For more information, read our latest forex news.