USOIL has drifted down today, pulling back slightly from Wednesday’s $48.49 highs, currently trading at $48.20 and finding technical support at $48.00. The EIA yesterday reported a better than two-year high in U.S. production in July, reminding markets that the OPEC/NOPEC output cap agreement continues to be eaten away be upped production in the U.S., and by Nigeria and Libya, both of whom are not subject to production limits.
Meanwhile, USDCAD is trading around day lows at 1.2525, following the weekly jobless numbers from the US which showed a slight rise to 234k from 232k last week and better than the expected 238k. This continues the trend of a tight jobs market and my short USDCAD position from 1.2555 remains in the money with target 1 at 1.2500.
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Senior Market Analyst
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