Canola technicals rangebound

CNS Canada –– ICE Futures Canada canola contracts may have seen some weather-related strength over the past week, but technical signals remain relatively flat overall.

The November contract settled Friday at $469.80 per tonne, nearing the high end of a corkscrew pattern — a series of higher lows and lower highs — going back over two months, that ranges from about $445 to $475.

Beyond the outer edges of the well-established range, the November contract may see nearby support at $464 (50-day moving average) and $462 (20-day moving average).

On the other side, if the market manages to break above $475, the next target to the upside comes in at the 100-day average, around $480 per tonne.

Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

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