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WTI trading at $96.01/bbl

A recovery in crude prices from yesterday’s low at 95.90 was rejected at 96.90 (previous high), subsequently easing towards the 96.00 handle. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “we the rally as corrective part of larger reversal from 98.22 (30 January peak). Weak near-term studies keep the downside in focus, with break below 95.90 seen as a trigger for extension towards key supports at 95.50 and the 95.00 breakpoint”.

As such, “a loss this region could open more significant correction of steep rally from 85.20 (11 December low) and expose 93.25 (Fib 38.2% of 85.20/98.22 rally). Conversely, a break above 97.00 is required to provide relief.” Drvenica adds. At the time of writing, WTI crude has settled in the region of USD $96.01 Wednesday.

European markets down ahead of tomorrow’s ECB

The German DAX 30 (-0.15%), the French CAC 40 (-0.46%), the Italian FTSE MIB (-0.46%) and the Spanish IBEX 35 (-0.48%) are down on Wednesday, one day ahead of the ECB monetary policy meeting. Many investors are waiting for a less usual approach by Draghi, as he's not fond of talking about exchange rates. However, there's been a lot of fuss about a strong euro, and yesterday's speech by Hollande in favor of an explicit exchange rate policy for the euro zone might force ECB's Draghi to comment on the issue.
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Forex: USD/CAD in session highs around 0.9980

The Canadian dollar is losing ground against its neighbour on Wednesday, ahead of the release of the Ivey PMI for the month of January. Prior surveys expect the indicator to raise to 53.2 vs. previous 52.8...
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