FXStreet (Mumbai) - USD/CAD witnessed a knee-jerk 130 pips spike to fresh cycle highs above 1.45 handle, immediately after the CAD pair touched 1.44 barrier. USD/CAD: Oil sell-off - Key Currently, the USD/CAD pair rises 0.67% higher at 1.4463, quickly retreating nearly 70 pips after hitting fresh multi-year highs above 1.45 handle. The Canadian dollar fell to fresh thirteen-year lows versus its American counterpart, sending the pair sharply higher above 1.4500 for a brief period, after big stops triggered after USD/CAD hit 1.44 barrier. The continued decline in oil prices on the back omnipresent glut worries, especially with the Iranian supply expected to flow into an already oversupply within days, weighs heavily on the resource-linked loonie. Oil is the North American nation’s top export product and Canada is highly dependent on oil exports for its revenues. At the moment, both crude benchmarks are trading close to their lowest levels in twelve years, with the US oil (WTI) -2.55% at $ 30.40, while the Brent drops -2.32% to 30.32. Against the backdrop of falling oil prices, markets are speculating Bank of Canada (BOC) to slash rates at its policy meeting next week, which also dents sentiment around the CAD and pushes USD/CAD higher. Andrew Kelvin, senior rates strategist at TD Securities, noted, "the market is underpricing the probability of a rate cut next week." Meanwhile, focus remains on the oil price action ahead of a series if US economic news lined up for release later today. USD/CAD Technical Levels To the upside, the next resistances are seen near 1.4500/27 (13-year highs). To the downside, immediate support might be located at 1.4400 (key psychological barrier) and below that 1.4344 (daily low). For more information, read our latest forex news.