Session lows for crude
The weekly Baker Hughes data is due at the top of the hour but it will hit in a market that's suddenly sour.
WTI crude touched a six-week high yesterday but reversed late to finish lower on the day. The downward momentum has continued today in a three-part slump that has extended to now lows below $46.00.
The drop emphasizes the area around $47.00/$47.50 as challenging area of resistance. If crude finishes at these levels, it also traces out a three-candle reversal. A finish below $45.85 would be even worse.
What's also incredible is that USD/CAD is barely reacting to the drop in crude.
