WTI Crude Oil futures drop to $69.84 on technical short signals

WTI Light Crude Oil futures have declined to $69.84, trading below yesterday's close as technical indicators triggered short positions. The oil market's weakness reflects multiple technical factors that prompted bearish positioning overnight. While specific technical levels weren't detailed in the source, the move suggests key support levels have been breached, validating the short trade setup. Oil prices directly impact commodity currencies like CAD, NOK, and RUB, with lower oil prices typically pressuring these currencies against majors. The decline in crude prices could strengthen USD/CAD as the Canadian dollar weakens on lower energy export values. Traders should monitor the $70.00 psychological level as potential resistance, while further downside could target support zones around $68.50-69.00. The bearish oil outlook may continue to weigh on commodity-linked forex pairs in upcoming sessions.