EURCAD short. EU, UC, and oil correlations.

Posting this idea to follow up how the reasoning plays out after discussing it with @airmac

The reaction to fib levels and trendlines confirmes this mrkt bias

Draghi talked the euro down on thursday; EURUSD correcting, hedging USD short exposure shorting EU for the right shoulder formation, TP at neckline or before.
USDCAD downtrend channel intact, forecasting continuation of UC downtrend.
CAD>USD>EUR.
Oil uptrend, USD weakness and optimistic OPEC forecast wont drop oil much.
Pullback in CAD completed after BOC is starting they rate hike cycle