Commodity Prices

Gold •623 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,909.00	-147.60	-7.18%
WTI Crude •11 mins	96.60	+0.28	+0.29%
Gasoline •11 mins	3.152	+0.054	+1.74%
Ethanol •623 days	2.161	+0.000	+0.00%
Silver •623 days	30.82	+1.16	+3.92%

Silver • 623 days	30.82	+1.16	+3.92%
Copper • 623 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	112.80	+5.42	+5.05%
Natural Gas • 11 mins	3.157	+0.092	+3.00%
Heating Oil • 11 mins	4.374	+0.176	+4.19%

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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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