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WTI test another session low

  • Oil is through session low, and lowest since last Friday.
  • Yesterday saw a small jump in stockpiles, and desks also speculates whether the Biden administration will get involved to limit Oil prices.
  • Next immediate support in WTI comes at $77.91- 50-day EMA
  • CAD is the worst performer on Oil, and also on the broader base bid in USD, following the inflation beat yesterday.
  • USDCAD is up 1.5% from yesterday's low, and 0.57% for today's session, highest since 10th July.
  • USDCAD is through next resistance seen at 1.2562, and further upside momentum opens to 1.2589 50.0% retracement of the Sep 20 - Oct 21 sell-off

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