Despite issues with Canadian Real Estate USDCAD is still a short

There is clear and present danger in the Canadian real estate market with Toronto house prices & sales down double digits on a year over year basis. The real estate market on the West Coast has been largely unaffected to date but I suspect its a matter of when as opposed to "if". The point is, when the market drops enough the CB in Canada will have to put the fire out at the mercy of the currency.

For now, Canada exports are 54% petroleum or petroleum-related products and oil still has a little more upward price pressure before the cycle ends! For that reason I expect USDCAD to drop before a large rally possibly next year!