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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • Oil futures are up 3+% today on reduced Omicron fears as they followed equities climbing higher throughout the day. Prices dipped fleetingly ahead of the start of the Biden-Putin call but have since moved higher.
  • WTI is +3.5% at $71.93 in a corrective climb after yesterday's solid rise, although remains 8% below pre-Omicron levels. Resistance is seen at $73.18, the 20-day EMA.
  • Brent is +3.2% at $75.39, also in a corrective climb and after breaking the 20-day EMA of $75.82 now looks at the 50-day EMA of $77.34.
  • Weekly DOE inventories released tomorrow.
  • US natural gas prices are up 1.7% today but in a broad sense have only roughly stabilised after yesterday's slump on mild winter weather and increased stockpiling.
  • Gold is +0.39% at $1785.73 but has kept to a relatively narrow range today aside from a sharp $10 dip which was swiftly reversed. Attention remains on the bull channel base at $1763.