One signal that crude oil could be putting in a significant low is being flashed by the Canadian dollar, which has reversed from its plunge versus the dollar.
Let's notice on the lower half of the chart that USD/CAD rocketed through its upper-channel boundary line one week ago, followed-through to the upside as oil plunged beneath $30, but has reversed sharply (USD/CAD) from nearly 1.47 to 1.42 (CAD has strengthened) -- and has pressed back inside of the upper-channel line. Which suggests that oil could be poised for a pop to $30-$31 in the upcoming hours.