I have read on line & verified per 1 DAY USDCAD
& 1 DAY USOIL
chart that it TRUE, about the negative correlation. The reason this pair is a COMMODITY related pair is CANADA economy is highly dependent on its UNITED STATES southern neighbor and exporting OIL
to it's country. Around 70 percent of all of Canada's OIL
is exported go to USD.
Please look how the USDCD chart and USOIL chart--- you could print this chart out & fold the paper in 1/2 (half) and both side's would match up. *NOTE: When USOIL goes up USDCAD pair will go down & versa versa.
The personality of USDCAD
pair and USOIL
negative correlation you should keep in mind. Good Luck Trading!!!