The USD/CAD pair has been out of alignment with historical averages since the 2007- 2008 GFC. With the recent oil shock (and the loonie's exposure to the oil markets), we're on the verge of testing the historical resistance levels; if oil continues it's downward slide, look for USD/CAD to break through resistance in Q1 2015 at 1.3 - and for that to become the new support if oil stays low through Q2 2015.