The USD/CAD forex pair is well overdue for a bounce at the median of a long-term regression channel and the 40% Fibonacci retracement level, as shown on the monthly chart below.
The Canadian dollar is price-sensitive to the price of WTIC oil, so I’d keep a close eye on its action following the inaction of the participating countries to lower oil supply at this weekend’s Doha meeting…Oil is -2.21 at 39.50 as I write this post on Sunday evening.