Oil prices are at a significant resistance. We don't know how long it's going to hold at this point. At 1hour chart we can clearly see a triangular formation, with higher odds that the price will advance to upper trend line. Oil prices advancing always help Canadian Dollar . If you are trading USD/CAD , we would not recommend to go long at this very moment or short it unless you are already in at a privileged entry. USD is on it's way down and it seems that currently USD/CAD behaves solely on oil price movements. Waiting today for UofM Confidence report and wonder if it will change anything. Suggestion is to wait on the sidelines until things clear out.