Bullish break in Oil may push USD/CAD lower to leg D of Cypher

FX:USOIL   CFDs on Crude Oil (WTI)
On the right hand side we have USD/CAD             pair with a cypher plotted on it. Leg D stands at 1.2616. On the right hand side, we have WTI oil             daily chart , which shows prices struggling to take out $50.18.

The message is pretty clear. If WTI oil             sees a day end closing above $50.18 it would not only negate the possibility of double top formation, but would also signal continuation of rally. In such a case, there is little in way for USD/CAD             to drop to 1.2616.

However, one needs to respect the levels in WTI. If the day end closing is not above $50.18, we could head lower towards double neckline, especially since RSI is overbought on hourly, 4-hour and daily time frame.
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