USDCAD - BOC and Oil prices in the cross hairs

USDCAD has vaulted to a December high at 1.3292, closing the technical gap from the open on Sunday evening. A turn lower in oil prices (down over 1.5% at the time of writing) and a broad rebound in the US Dollar have driven USDCAD higher. The pair remains in a broadly positive, although choppy, range that's been unfolding for two weeks now. The daily chart dipped under the 20-day moving average on Monday for the first time in 33 trading days, only to reverse again yesterday. The November high at 1.3355 and R3 at 1.3400 are the next resistance areas. Support resides at the daily pivot point and the 20-day moving average at 1.3226 and yesterday’s low and the 50-day moving average at 1.3150.