Commodity Prices

Gold •484 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,597.50	-16.80	-1.04%
WTI Crude •11 mins	61.05	+0.48	+0.79%
Gasoline •13 mins	2.006	+0.003	+0.14%
Ethanol •484 days	2.161	+0.000	+0.00%
Silver •484 days	30.82	+1.16	+3.92%

Silver • 484 days	30.82	+1.16	+3.92%
Copper • 484 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	65.25	+0.25	+0.38%
Natural Gas • 11 mins	4.123	+0.167	+4.22%
Heating Oil • 16 mins	2.433	-0.027	-1.08%

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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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