We can see that the correctional uptrend is at the boundary of a major long term resistance (Jun 2010). If the correction is an ABC pattern, which could very well be, than we may see oil prices winding down back to 44$ a barrel from the current level of 70$. Now, what would that mean? We know that USD/CAD pair is highly oversold and at levels, where a bounce back is almost imminent. At this point, when the oil starts going down, this may create a better long setup for the USDCAD pair.