Oil under pressure

The risk off mood in markets combined with risks around an Iran nuclear deal (I believe it's coming) have put crude in a prearious place.

WTI is down $2.37 to $63.12 today. That's just above the May low of $62.92. We could see an acceleration of selling on a break.

So far CAD is shrugging it off and has made a bit of a stand, along with other risk sensitive FX trades.

You would hate to see Iran headlines hit right now because it would be a fast flush in crude down to $60.

Update: Oil has cut through it and down to $62.70.

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