Commodity Prices

Gold •15 mins	2,341.50	-0.60	-0.03%
Platinum •15 mins	924.50	+1.70	+0.18%
WTI Crude •10 mins	83.43	+0.07	+0.08%
Gasoline •1 hour	2.721	-0.005	-0.17%
Ethanol •7 hours	2.161	+0.000	+0.00%
Silver •15 mins	27.50	+0.13	+0.49%

Silver • 15 mins	27.50	+0.13	+0.49%
Copper • 15 mins	4.497	+0.037	+0.83%
Brent Crude • 10 mins	88.46	+0.04	+0.05%
Natural Gas • 10 mins	1.811	-0.001	-0.06%
Heating Oil • 2 hours	2.573	-0.007	-0.26%

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USD/CAD: Temporary Bounce

By - Feb 21, 2012, 5:26 AM CST

USD/CAD is finding some support around the 0.9926 swing low posted on 9th February after the breakdown from 1.0052 which completed a bull trap.

Short-term risk is seen to the downside and while 0.9983/1.0052 caps the risk is seen for sustained loss of 0.9928, a move which should then see an extension of the recent downtrend towards reaction lows at 0.9892 then 0.9766 as the bear run resumes following bearish resolution to a triangle.

We would need to see re-capture of 1.0052 from here to suggest basing potential, with scope then for a push towards minor resistance at 1.0163 then 1.0250 in a more bullish multi-week scenario.

EUR/CAD, which tends to share a positive correlation with EUR/USD, is working higher having based ahead of psychological 1.3000. The rate remains within a trading range, with upside resolution to target broken support at 1.3394.

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