Currency snapshot (commodity pairs)

Dollar index trading at 98.54 (+0.20%)

Strength meter (today so far) - Aussie +1.11%, Kiwi +0.47%, Loonie +0.57%

Strength meter (since last week) - Aussie +1.11%, Kiwi +0.47%, Loonie +0.57%

AUD/USD -

Trading at 0.703

Trend meter -

• Long term - Sell, Medium term - Sell, Short term - Range/Sell

Support -

• Long term - 0.68, Medium term - 0.69, Short term - 0.7

Resistance -

• Long term - 0.74, Medium term - 0.738, Short term - 0.738

Economic release today -

• NIL

Commentary -                                                                               

• Aussie recovered sharply today as risk aversion faded.

NZD/USD -

Trading at 0.657

Trend meter -

• Long term - Sell, Medium term - Range, Short term - Range/Sell

Support -

• Long term - 0.56, Medium term - 0.62, Short term - 0.643

Resistance -

• Long term - 0.7, Medium term - 0.69, Short term - 0.69

Economic release today -

• NIL

Commentary -

• Kiwi is up today from key 0.65 support area, further decline likely.

USD/CAD -

Trading at 1.407

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/buy

Support -

• Long term - 1.285, Medium term - 1.385, Short term - 1.395,

Resistance -

• Long term - 1.5, Medium term - 1.45, Short term - 1.42

Economic release today -

• Housing starts for December came at 173,000.
• Bank of Canada will release at 15:30 GMT.

Commentary -                                                                                         

• Canadian Dollar remains weak due to lower oil price.