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USD/CAD yet to react to higher oil price

The USD/CAD has traded lower today, from a US close on Friday at 1.3723. The low seen earlier was et at 1.3690. However, since then it has rebounded and it is not far off session highs (1.3728) as I write. The price action in the dollar is pretty resilient, given the further gains in the oil price so far today. The long term chart does not look too supportive still, but the 50 day moving average is still rising gradually. That is in place right now at 1.3664. That said, only a sustained rise above 1.38 is likely to reduce the chances of a break below 1.3664 on a more dynamic basis than was seen last week. The USD/CAD is just now trading at 1.3722
 

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