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Oil Erases Early Losses on Supply Scramble


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Rate ekes above the overnight highs...>

DOLLAR-CANADA: Rate ekes above the overnight highs to show above C$1.3250 for
the first time since July as the energy complex looks increasingly brittle. WTI
and Brent crude drops further Tuesday, falling well over 2% apiece and bringing
the pullback from the recent cycle highs in WTI to over 25%. Any further upside
in USD/CAD may run into resistance ahead of the upper 3% Bollinger band at
C$1.3258 as well as the 1.0% 10-dma envelope level at C$1.3284. Bulls initially
target the July highs of C$1.3290 before the year's best levels of C$1.3386.
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