WTI crude oil breaks 65 as inventories jumped 6.8m, USDCAD surges

WTI crude oil drops sharply after larger than expected rise in US crude oil inventories, which rose 6.8m comparing to expectation of -2.6m. WTI crude oil drops to as low as 64.60 and is currently down -3.45%.

USD/CAD rides on the fall in oil prices, as well as Dollar’s own strength and breaches 1.3170. The development affirms our view that correction from 1.3385 has completed at 1.2961. Further rise should be seen to 1.3289 resistance next.