Oil Support Could Aid A CADJPY Bounce

Looking at a chart of USOIL, we see a level of support has been reached: https://www.tradingview.com/x/Wl67TpFN/

In addition, with the Chinese markets now open today (January 3, 2020), after a gap down in the Shanghai index, most of the effects of the Coronavirus on the financial markets could be now factored in. With this said, it could prove true that this will effect the CADJPY pair with the Loonie strengthening against the JPY.