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The USD/CAD is trading close to 2003 levels on Thursday, failing to maintain the earlier moderate gains based on the brief relief in oil prices.
- Pair made multiyear high at 1.4382 levels.
- In the absence of major economic data from Canada, Canadian dollar is driven by oil prices.
- Oil markets continued to struggle on Thursday, ending up right back at 13-year lows with fundamentals still favouring the bears after a short and unsuccessful rally.
- Futures for West Texas Intermediate crude oil were down 0.10%, trading at $30.48 per barrel.
- To the top side resistance levels are seen at 1.4418 and 1.4495 levels.
- Alternatively, reversal from this level may take the parity towards 1.4302 and 1.4225 support levels.
