The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but failed. The next test of the 100 day MA on Wednesday, stalled near that level and moved higher.

The up-and-down week is ending with the price between the 100 and 200-hour MAs. The 100-hour MA is at 1.3463 and the 200-hour MA at 1.3497. The price is trading at 1.3482.

In trading next week, traders will take short-term bias clues from the 100 and 200-hour moving averages. If the price breaks higher and above the 200-hour moving average, the highest for the week, near 1.3525 and then the 50% midpoint at 1.3536 would be targeted.

Conversely, if the 100-hour moving average is broken, traders would look toward the low from today’s trading of 1.34214 followed by the 100-day moving average of 1.33985. The low for the week at 1.33778 if broken would open the door further downside momentum.

When the price goes up and down, it implies a market that is unsure of which way he wants to go. Next week we will listen to the technicals, to provide the clues to the story that the market wants to focus.

This article was written by Greg Michalowski at www.forexlive.com.

WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31.

Brent crude prices settled at $93.27 down $0.03 or -0.03%

For the trading week, the price of crude oil is down marginally by -0.58%.

Looking at the daily chart, the price remains between retracement levels. On the downside, the broken 38.2% retracement of the move down from the June 2022 high, comes in at $86.72. On the top side, the 50% midpoint of the same move down comes in at $93.78. On the wide, those are the support and resistance levels for crude oil

Today the Baker Hughs data showed another decline of -8 oil rigs.

• The crude complex settled slightly stronger after a volatile day.
• This week the modest decline, ended a three-week positive streak due to concerns over Russia’s fuel export ban and potential future rate hikes.
• Kremlin announced the fuel export ban will remain until the fuel market stabilizes.
• WTI and Brent reached highs of USD 91.33/bbl and 94.64/bbl before dropping to lows of 89.31/bbl and 92.80/bbl respectively.

In other news:

• HSBC raised its Brent forecasts, citing:
  • Expected tight oil demand due to extended Saudi voluntary cuts.
  • Anticipation of the cuts lasting until 2024.
  • Continued record Chinese oil demand supporting prices in the near future.

A few Fed governors today expressed concerns toward the price of oil and its impact on inflation. The higher prices could also lead to lower demand, that leads to a correction lower.

Ultimately Time and again, when there is added focus on higher prices, the higher prices lead to lower demand, a slower economy, or often both. The price comes back down.

Then when the price is low, it does the opposite, spurring on more growth and increased demand and utimately higher prices.

This article was written by Greg Michalowski at www.forexlive.com.

• Still have not yet received a response to Thursday’s offer
• We have a real solution on the table.
• Offer includes a long-term solution for Belvidere
• The offer includes current full-time employees earning between $80,000 and $96,000 a year by the end of the contract

This article was written by Greg Michalowski at www.forexlive.com.