The Closing Baker-Hughes Rig Depend Of July Is In…

After a quick respite final Friday, the Baker-Hughes Rig Depend is as soon as once more within the purple. For the week, whole U.S. oil rigs in operation dropped to 180, down from 181. Whereas a one rig drop might not sound like a lot, it represents a give again of the July 24 acquire. Nonetheless, the figures are stabilizing within the 180 space, suggesting {that a} backside could also be forming.

WTI crude oil futures have taken little discover of the information and are almost flat on the day. WTI’s intrasession buying and selling vary has been tight, coming in at 89 ticks. On a facet notice, the September WTI contract has fallen beneath the $40.00 deal with. At present’s shut can be essential ― a sub-$40.00 settlement might sign a bearish begin to August for WTI.

On the foreign exchange entrance, the USD/CAD is within the midst of forming a weekly Doji candlestick. Let’s check out the technicals and see the place this pair stands after the rig rely.

Baker-Hughes Rig Depend Slips, USD/CAD Trades Flat

Usually, I’d be excited to see a Doji formation on the weekly timeframe for any pair. Nonetheless, for the USD/CAD, Dojis have gotten previous hat. In actual fact, we’ve seen two develop prior to now six weeks. For the Loonie, it seems that the Doji is a precursor for extra sideways motion.

Overview: Because it has been for greater than a month, the 78% Fibonacci Retracement (1.3327) is the important thing degree on this market. Whether it is taken out to the draw back, be looking out for a big-time run at 2020’s Low (1.2951).

Keep in mind, Monday marks the primary buying and selling day of August. Be prepared for institutional traders to change into concerned as we enter the ultimate levels of the summer time season. And, who is aware of? Maybe the Baker-Hughes Rig Depend will buck all traits and are available in optimistic subsequent Friday.