Crude Oil & US Dollar vs Loonie

Three Charts to ponder:

Notice how closely the Canadian dollar tracks the price of Crude Oil, it truly has become a petro-dollar.  Crude appears to be on a downward trend and should break through the critical 200 day MA support level in the next few weeks.
We expect the Canadian dollar will follow its downward trend as it has broken to the downside of the 61.8% Fibonacci retracement level of 97.42 cents.
We also expect the US dollar to continue its surge against other currencies breaking above the 200 day MA level of 78.69 on the US dollar index.

Our near term targets are as follows:
Crude oil            $50 to $60 range
Canadian dollar   87 to 89 cents
US dollar index   82 or higher

Keep in mind that our targets are subject to geopolitical risk.  If Iran decides to block the straits of Hormuz, or Yemeni rebels mine the Gulf of Aden, oil could recover quickly.