Commodity Prices

Gold •10 mins	2,336.40	-5.70	-0.24%
Platinum •10 mins	912.60	-10.20	-1.11%
WTI Crude •10 mins	82.90	-0.46	-0.55%
Gasoline •10 mins	2.712	-0.013	-0.48%
Ethanol •16 hours	2.161	+0.000	+0.00%
Silver •10 mins	27.32	-0.05	-0.17%

Silver • 10 mins	27.32	-0.05	-0.17%
Copper • 10 mins	4.483	+0.023	+0.52%
Brent Crude • 10 mins	88.08	-0.34	-0.38%
Natural Gas • 10 mins	1.747	-0.065	-3.59%
Heating Oil • 10 mins	2.549	-0.030	-1.16%

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USD/CAD: Broken Rising Channel Suggests a New Down Phase

By - Oct 05, 2012, 5:39 AM CDT

USD/CAD declined sharply yesterday. The rising channel has been broken, suggesting the start of a new down phase. Short-term resistance is at 0.9884. Hourly support at 0.9798 is challenged.

The succession of lower highs since March 2009 favours an underlying bearish bias. Indeed, the break of the support at 0.9725 opens the way for a medium-term move towards the strong support at 0.9407. A break of the resistance at 0.9949 is needed to negate this bias.

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