USDCAD is negatively correlated to USOIL, or in plain terms it does the opposite of each other. Right now, USOIL is making a bullish inverse head and shoulder pattern. In my opinion this pair will go back up to a April/July 2015 high of around $60.00 a barrel. The reverse will happen with USDCAD pair, which will go down to a major support area of 1.24600 noted. As of now, USD CAD last week of trading was bullish with EMA's under current PA. A bearish reversal pattern will be happening sooner then later, which will be sign to go bearish. I would on 1 hour of longer terms charts, be looking for this bearish turn to happen at a major resistance area. Currently, trade with right now trend of USDCAD bullish & USOIL bearish... but keep one eye of lower time charts for end of year noted change. RSI is showing above 50, which is another sign of USDCAD being still bullish at this time. Good luck and success.
