Commodity Prices

Gold •314 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	983.10	-9.10	-0.92%
WTI Crude •10 mins	63.44	-0.23	-0.36%
Gasoline •10 mins	2.171	+0.005	+0.24%
Ethanol •314 days	2.161	+0.000	+0.00%
Silver •314 days	30.82	+1.16	+3.92%

Silver • 314 days	30.82	+1.16	+3.92%
Copper • 314 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	66.38	-0.25	-0.38%
Natural Gas • 10 mins	3.520	-0.127	-3.48%
Heating Oil • 10 mins	2.186	+0.015	+0.69%

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USD/CAD: Challenging Its Steep Declining Trendline

By - Jul 30, 2013, 6:34 AM CDT

USD/CAD has broken its support at 1.0326 (11/07/2013 low), validating a bear flag with an implied downside risk at 1.0159. The short-term technical configuration remains negative as long as the resistance at 1.0325 (24/07/2013 high) holds. Another resistance lies at 1.0363. An initial support now stands at 1.0253.

In the longer-term, the key resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak) is expected to cap the medium-term upside potential. However, as long as the support at 1.0137 (14/06/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds, we would still favour a mild medium-term bullish bias.

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