Oil can't hold a bid

WTI crude falls to fresh low since April

Oil is down $1.22 to $49.64 after the weekly lows give way. Oil bounced yesterday but has been sagging and now it heads into a technical no-man's-land.

The latest Bank of Canada forecasts (which were badly downgraded) still assumed $60 oil. That's a bigger pipedream than Keystone XL at the moment.

USD/CAD hasn't reacted to the latest slide, but it will. Last at 1.3031.

I spoke to the CBC earlier today on the loonie.