Commodity Prices

Gold •638 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,983.20	-6.50	-0.33%
WTI Crude •14 hours	111.54	+11.42	+11.41%
Gasoline •14 hours	3.288	+0.197	+6.36%
Ethanol •638 days	2.161	+0.000	+0.00%
Silver •638 days	30.82	+1.16	+3.92%

Silver • 638 days	30.82	+1.16	+3.92%
Copper • 638 days	4.530	+0.111	+2.51%
Brent Crude • 13 hours	109.03	+7.87	+7.78%
Natural Gas • 14 hours	2.800	-0.019	-0.67%
Heating Oil • 14 hours	4.361	+0.304	+7.50%

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USD/CAD Gains Capped Beneath Key Resistance At 1.0284

By - May 30, 2012, 5:42 AM CDT

USD/CADâ€™s latest bullish breakout is failing into key resistance at 1.0284. The move is also showing signs of price exhaustion after retracing over 76.4% of the YTD decline, following the breakout above its 200-day average and multi-month triangle pattern (see daily chart).

While we could see some corrective downside to unwind the latest surge higher, a successful charge above 1.0284 would help resume the larger cycle recovery higher into 1.0424 (14th December high).

Meanwhile, only a decisive break back beneath 0.9960 and 0.9776 would reinstate the multi-month downtrend into next support at 0.9726.

EUR/CAD, which shares a high correlation with EUR/USD has snapped back lower, following a false upside break. However, the rateâ€™s price performance is lagging behind as it has yet to trigger a new 2012 low. Watch key support at 1.2784 (16th May low).

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