Commodity Prices

Gold •752 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,604.10	-4.70	-0.29%
WTI Crude •1 day	89.31	-2.88	-3.12%
Gasoline •1 day	3.396	-0.101	-2.87%
Ethanol •752 days	2.161	+0.000	+0.00%
Silver •752 days	30.82	+1.16	+3.92%

Silver • 752 days	30.82	+1.16	+3.92%
Copper • 752 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	96.78	-3.91	-3.88%
Natural Gas • 1 day	2.871	-0.045	-1.54%
Heating Oil • 1 day	4.181	-0.161	-3.71%

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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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