Crude oil prices trading back toward the highs

The price of Crude oil has moved back to the session highs (in fact it made new session highs as I type at $50.40.

That has led to another creep lower in the USDCAD. The price, however, has NOT been able to take out the session lows at 1.27595. The low could only get to 1.2762. This is the 4th look at the lows.

Why the reluctance to break lower as oil moves higher?

Well, it seems the is a bit of a reluctance that the Crude can stay above the $50. The $50.90 level was a prior swing high. That level should be difficult to crack. With the price of Crude within $0.50 of the level, traders are likely a bit cautious on oil as well as the USDCAD.