There are 3 possible scenarios: 1) Oil up > USDCAD down. 2) Oil falls to support @ $46 then rises > UCAD rises to resistance at 1.35500 and falls ( reversal pattern). 3) Oil continues to slide below $46 to $45 > UCAD tests the major (not yet tested), if Oil breaks these zones UCAD will start another uptrend making HH and HL.
1) Weaker dollar (Weak NFP, Weak Data, Lower chance of FED rate hike, geopolitical issues (terrorism), etc). 2) CAD news (news this week for CAD, should be better than previous news releases, waiting on pending data to be released.) 3) Oil prices (OPEC continuing to slash production for another 9 months, if oil inventories are continuing to fall Oil should rise). Trying to get oil back to $50/barrel.