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Gold •172 days	2,368.70	+35.30	+1.51%
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Gasoline •11 mins	1.954	+0.013	+0.64%
Ethanol •172 days	2.161	+0.000	+0.00%
Silver •172 days	30.82	+1.16	+3.92%

Silver • 172 days	30.82	+1.16	+3.92%
Copper • 172 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	73.30	+0.36	+0.49%
Natural Gas • 11 mins	3.894	+0.146	+3.90%
Heating Oil • 11 mins	2.256	+0.024	+1.09%

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USD/CAD: Potential Hourly Base Formation

By - Dec 14, 2012, 5:33 AM CST

USD/CAD has broken its key support at 0.9875 (07/11/2012 low), opening the way for a mediumterm move towards the next support at 0.9764 (11/10/2012 low). However, yesterday's bullish reversal may induce a short-term rebound. Hourly resistances are at 0.9888 (10/12/2012 high) and 0.9911 (intraday high).

The underlying trend is negative (see mediumterm declining channel in the daily time frame). Therefore, we see the rise from 0.9633 as a countertrend move. A medium-term resistance is at 1.0250 (12/07/2012 high, see also declining trendline on a daily chart).

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