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Gold •804 days	2,368.70	+35.30	+1.51%
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Gasoline •11 mins	3.448	-0.017	-0.50%
Ethanol •804 days	2.161	+0.000	+0.00%
Silver •804 days	30.82	+1.16	+3.92%

Silver • 804 days	30.82	+1.16	+3.92%
Copper • 804 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	107.67	-1.08	-0.99%
Natural Gas • 11 mins	2.924	+0.005	+0.17%
Heating Oil • 12 mins	5.200	-0.062	-1.18%

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USD/CAD: Bullish Breakout at 1.0236

By - Apr 17, 2013, 4:59 AM CDT

USD/CAD has moved out of its declining channel and has broken the resistance at 1.0236. Further short-term strength is favoured. Hourly resistances are at 1.0285 (19/03/2013 high) and 1.0342. An hourly support can be found at 1.0203 (16/04/2013 high).

The Bank of Canada should leave rates unchanged today. All eyes will be focused on the forward bias which could be softened to a neutral bias from a tightening bias.

In the medium-term, the break of the resistance at 1.0236 (05/04/2013 high) opens the way for a new test of the previous highs at 1.0342 (01/03/2013 high). However, the extreme short CAD market positioning suggests that the next significant medium-term move is likely to be to the downside.

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