WTI briefly rallied above $53 on extended.......>

OIL: WTI briefly rallied above $53 on extended react to reports of an oil tanker

on fire in the sea of Oman, before fading. WTI challenged but failed to break

the Jun 5 ytd low ($50.60) yesterday. before settling around the $51 level.

Technical traders will be watching the 200-wma on a closing basis which comes in

at $52.61 on the continuation chart. Below here would give further weight to the

bearish trend, targeting the psychological $50 level & 76.4% retracement of the

Dec-Apr rally at $49.45.

- The sharp downtrend in oil yesterday saw USDCAD rally hard through C$1.33 to

C$1.3345 before meeting resistance from the 100-dma. Rate eases to C$1.3320 at

typing with near-term support at C$1.3300 from the 38.2% retracement of the Jun

rally.