Commodity Prices

Gold •754 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,623.60	-8.60	-0.53%
WTI Crude •11 mins	81.97	-0.64	-0.77%
Gasoline •19 mins	3.329	+0.002	+0.05%
Ethanol •754 days	2.161	+0.000	+0.00%
Silver •754 days	30.82	+1.16	+3.92%

Silver • 754 days	30.82	+1.16	+3.92%
Copper • 754 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	87.85	-0.51	-0.58%
Natural Gas • 12 mins	2.745	-0.022	-0.80%
Heating Oil • 35 mins	4.080	-0.032	-0.77%

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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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