WTI oil is seen rebounding from support ahead of today’s update from the Bank of Canada. This support is made up of a Quasimodo support level coming in from US$68.85, a 100% projection ratio at US$69.51 (an equal AB=CD bullish formation), and a channel support line, extended from the low of US$72.46.

While current support is attracting buyers, resistance also entered the fight overhead at US$72.53-US$71.40. A breakout beyond current support shines a light on support from US$67.09, while pushing higher and breaching resistance highlights another layer of resistance nearby at US$74.06.

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