Canadian Dollar

The price of oil has been dropping since the spring, previously the Canadian dollar has moved with the price of oil, and was seen largely as a Petro-dollar. However, the Canadian dollar has held up relatively well since the spring. Be wary of the weekly double top formation in the Canadian dollar and the recent lower low of the trend. This may be a sign that the Canadian dollar will move down with lower oil prices now that the most recent mini-financial political crisis in the US has been resolved.