The USDCAD is surging (lower CAD) as the pair reacts to sharply lower oil prices. The price of crude oil is now testing the $73.00 level, down over 4.5% on the day. The price of oil has not traded this low since July 7. Technically, the USDCAD has broken above both the 100 and 200-hour moving averages at 1.3751 and 1.37566 respectively. The price is also above the 50% midpoint of the November trading range which admittedly has seen up-and-down volatility.Nevertheless being above those levels increases the bullish bias for the pair. It would take a move below the 100 hour moving average at 1.37512 tilt that technical buys back to the downside.On the topside, the high today at 1.3776 is testi
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