Commodity Prices

Gold •751 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,604.10	-4.70	-0.29%
WTI Crude •9 hours	89.31	-2.88	-3.12%
Gasoline •9 hours	3.396	-0.101	-2.87%
Ethanol •751 days	2.161	+0.000	+0.00%
Silver •751 days	30.82	+1.16	+3.92%

Silver • 751 days	30.82	+1.16	+3.92%
Copper • 751 days	4.530	+0.111	+2.51%
Brent Crude • 8 hours	96.78	-3.91	-3.88%
Natural Gas • 9 hours	2.871	-0.045	-1.54%
Heating Oil • 9 hours	4.181	-0.161	-3.71%

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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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