We tried and failed yesterday but we're looking good for the break today

I suppose there's no point writing up a post about the CAD focussing on oil and then ignoring oil

I mentioned yesterday that the direction would be defined by how we reacted at these levels in both Brent and WTI and here we are with decisions made. Look to the broken level to hold as resistance now

WTI daily

Technically there's scope to see WTI decline to the 2009 lows around $33

WTI oil monthly

The buck now seems to be catching fright with the move in oil, as does the pound which is going to see UK revenues affected by the falling oil price on it's North Sea oil wells

USDJPY is down through 123.00 to 122.85 and GBPUSD is down to 1.4957