Oil extends gains to 5% in climb above $63. USD/CAD nears 1.2500
WTI up $3
The surprise tightening in US oil inventories today along with optimism about demand and commodities in general have led to a big day for crude in a potential end of weeks of consolidation.
With the rally in oil, keep a close eye on USD/CAD, which is flirting with 1.2500. There may be some stops below.