OIL is connected with US Dollar & CAD is connected with OIL. If you connect the dots you will notice the key player is US Dollar in this. And I m anticipating weakness in US Dollar, hence I m predicting OIL & CAD & AUD to rise in value. Though all this three OIL / CAD / AUD will not remain strong for long period, but certainly there is some medium term expectation for them to go up.
Nice analysis on all your short calls on this pair on previous occasions. Keep it up! Though I m not in favor of longs in UC (shorting CAD). My view on CAD is that it will strengthen & USD is that it will weaken. I cannot say CAD will get strong next week or not, so I m waiting for now. But you know, either one of us can be right or wrong.