As shown on the following 5-Year Daily chart comparing the two, they normally trade lock-step. Note the recent divergence of the Loonie starting in April and the fact that the RSI and MACD have fallen below the 50 level...which are hinting of further weakness ahead for Oil.
If Oil falls, I expect the Loonie will do so, as well. And, I'd be watching for a solid break below 75.00 on the Loonie as a possible signal that Oil will continue a drop to, perhaps, around $40.00, or lower, as shown on the next two 5-Year Daily charts.
