Canada Markets Blog
Cliff Jamieson Canadian Grains Analyst
Fri May 2, 2014 04:56 PM CDT

The continuous active weekly chart for canola highlights the current challenge for the canola market. This week marks the fourth consecutive week that trade has struggled with the $479.20 per metric tonne level, which marks the 33% retracement from the September 2012 weekly high of $654.60/mt to the recent February weekly low of $392.80/mt. This week also marks the second week of the last four where the weekly close was above the $479.20 resistance level, with today's July future closing $11.20/mt higher at $480.40/mt

Note that this general area of resistance had previously acted as support in the July through ...

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