Looking at this from the perspective of a net oil exporter/importer, the currency pair that topped the list of currencies traded to express views on oil prices is the Canadian dollar against the Japanese yen. Japan, which imports almost all of its oil. Japan's lack of domestic energy sources, and its need to import large amounts of crude oil, natural gas, and...
On H4 timeframe we can see that the price has bounced of a strong support levels and also came back inside of long-term Descending Channel (bullish) Pattern, which suggest that the price is ready to move (much) higher. Furthermore, the price broke downtremd line, that is clearly seen on H1 timeframe, which also confirms the bullish move with this pair.
Last week the pair seemed to cross above the "blue" trendline but later it returned below it. Also, a sort of "bearish candle" formed on Friday (it has a long upper shadow, which indicates a "rejection"). Now, the price is still in this small channel but if it breaks dow, it may continue south.
Canadian dollar is one of a few major currencies which is strong (thanks to crude that has been pushing it up). It broke from its bearish channel in 2004 and turned bullish. It restested twice the old resistance which now became a support. And now we are about to start a long drive up which will last for months. Just for a few days CAD will be going down before...