OIL: Johan Sverdrup Loadings To Rise To 760k b/d In April

• RES 4: 6200.00 Round number resistance   
• RES 3: 6178.75 High Dec 6 and key resistance  
• RES 2: 6163.75 High Dec 16
• RES 1: 6162.28 High Jan 24             
• PRICE: 6083.75 @ 14:34 GMT Jan 29 
• SUP 1: 6013.75 50-day EMA         
• SUP 2: 5961.75/5948.00 Low Jan 16 / 27
• SUP 3: 5943.94 61.8% retracement of the Jan 13 - 24 bull leg
• SUP 4: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg

The S&P E-Minis contract remains above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.

Following are the Instant Answers for the Bank of Canada interest-rate decision Wed:

• Overnight Rate Target (3.0%, down 25 bps)
• Does the Bank say it expects a more gradual approach to policy? No
• Does the Bank say there are two-sided risks from any US tariffs? Yes
• Does the Bank say that a key effect of US tariffs is likely to boost inflation? Yes
• Does the Bank say that a key effect of US tariffs is likely to reduce economic growth? Yes

• BOC CUTS RATE 25BPS TO 3%, READY TO HELP ADJUST TO TARIFFS
• BOC ENDING QT AND STARTING GRADUAL REPO PURCHASES IN MARCH
• BOC TO WEIGH UPWARD AND DOWNWARD CPI PRESSURES FROM ANY TARIFF
• BOC SAYS TRADE WAR WOULD BADLY HURT OUTPUT, BOOST CPI PRESSURE
• BOC:CAN'T LEAN AGAINST BOTH WEAKER OUTPUT AND FASTER INFLATION