Commodity Prices

Gold •421 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,361.40	-0.30	-0.02%
WTI Crude •10 mins	64.26	-0.34	-0.53%
Gasoline •7 hours	2.199	+0.050	+2.34%
Ethanol •421 days	2.161	+0.000	+0.00%
Silver •421 days	30.82	+1.16	+3.92%

Silver • 421 days	30.82	+1.16	+3.92%
Copper • 421 days	4.530	+0.111	+2.51%
Brent Crude • 13 mins	68.31	-0.31	-0.45%
Natural Gas • 10 mins	2.974	+0.030	+1.02%
Heating Oil • 8 hours	2.310	+0.015	+0.63%

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USD/CAD: Upside Failure

By - Feb 17, 2012, 5:56 AM CST

USD/CAD has reversed sharply from 1.0052 after bulls failed to sustain the upside break of resistance at 1.0039, completing a bull trap.

Immediate risk switches to the downside as the rebound from the 0.9928 is looking decidedly corrective, and while 1.0052 caps the risk is seen for a crack at 0.9928, loss of which could then see an extension of the recent downtrend towards reaction lows at 0.9892 then 0.9766.

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 still holding steady after the recent setback. The rate remains within a neutral trading range while beneath 1.3252. A downside resolution would target support at 1.2999 and 1.2760 (10th Jan 2010).

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