Why would oil find a bottom here?  Because everyone thinks it’s going lower, is one answer.  We could conjecture till the cows come home on rationales, but we would fast run out of paper and time.  So I won’t.  But interestingly, the move has met a symmetrical wave low (5-waves down to complete larger C) in distance and time…no guarantees.  Note the divergence in the Relative Strength Index (RSI) at the bottom pane of the chart, i.e. price made and new low but RSI didn’t confirm.   Of course implications for CAD here (see page 3).

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https://gallery.mailchimp.com/dcfeb4b3bc5ba9ed1d447e92e/files/091615_oil_and_cad.pdf

Regards,

Jack Crooks
Black Swan Capital