EDIT: I tested this in Cubase 8.0.10
There is a Key Command for Preferences>Editing>“Cycle Follows Range Selection” (the function itself works reciprocally in C8.0.10, but in Cubase 7.5, it works “as marked on the tin”… the Cycle follows the Range selection, but unfortunately not the other way round).
(I’ll have a look, see if there’s any way do accomplish this via a macro… no promises, though 
)
EDIT: I keep coming up with this non-reciprocal limitation in C7.5.