Commodity Prices

Gold •376 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,417.30	-52.60	-3.58%
WTI Crude •15 mins	66.98	-1.47	-2.15%
Gasoline •15 mins	2.165	-0.022	-0.99%
Ethanol •376 days	2.161	+0.000	+0.00%
Silver •376 days	30.82	+1.16	+3.92%

Silver • 376 days	30.82	+1.16	+3.92%
Copper • 376 days	4.530	+0.111	+2.51%
Brent Crude • 15 mins	69.08	-1.28	-1.82%
Natural Gas • 15 mins	3.466	+0.152	+4.59%
Heating Oil • 15 mins	2.390	-0.058	-2.35%

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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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