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Crude Crash: WTI Crude Oil < $50 - CAD follows

The crash in crude continues. Oil prices tumbled down yesterday in the aftermath of the oil inventories release. While the weekly barometer showed a rise in crude oil inventories, it also portrayed a drop in gasoline in distillates. However, the data  was probably accompanied by  doubts about the seriousness of production cuts as well as cascading stops.

WTI Crude oil is currently trading at $549.38 after having reached a low of $49.18. This is below the support line of $49.50. Further significant support awaits at $46.50

Also Brent Crude follows suit and reaches the $52 handle. Brent, the standard used in Europe, is normally more expensive than the West Texas Intermediate.

CAD Crash

The Canadian dollar is reacting negatively to these developments, as one may expect. USD/CAD tops the 1.35 level and reaches 1.3520.

Further resistance is only at 1.36. Support awaits at 1.3460.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.