Commodity Prices

Gold •10 mins	2,359.60	+17.10	+0.73%
Platinum •10 mins	925.50	+5.00	+0.54%
WTI Crude •10 mins	83.80	+0.23	+0.28%
Gasoline •12 mins	2.767	+0.009	+0.31%
Ethanol •11 hours	2.161	+0.000	+0.00%
Silver •10 mins	27.99	+0.36	+1.29%

Silver • 10 mins	27.99	+0.36	+1.29%
Copper • 10 mins	4.614	+0.075	+1.65%
Brent Crude • 10 mins	89.20	+0.19	+0.21%
Natural Gas • 36 mins	1.580	-0.058	-3.54%
Heating Oil • 12 mins	2.561	+0.011	+0.41%

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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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