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$100 A Barrel

Written by Hugh, on October 18th, 2007

I read an article a few months back about how oil would hit $100/barrel.  I had no doubt that it would eventually, but with the sharp rise in oil prices this week, it might be coming sooner than I thought.  With a close at nearly $90 today, that will put additional strain on an already straining economy.  This bodes well for the Canadian Dollar, with the long downtrend in the USD/CAD cross likely to continue.

The dollar is weak all the way around and as much as possible, I will try to fade any moves that show dollar strength, unless I think the technical levels or foreign fundamental events will allow me to profit from being long the dollar.

I have been feeling a little sick, so I haven’t been trading too much this week.




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