Currency snapshot (commodity pairs)

Dollar index trading at 98.25 (+0.07%)

Strength meter (today so far) - Aussie +0.32%, Kiwi +0.02%, Loonie +0.23%

Strength meter (since last week) - Aussie +0.55%, Kiwi -0.08%, Loonie +0.02%

AUD/USD -

Trading at 0.716

Trend meter -

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

Support -

• Long term - 0.63, Medium term - 0.68, Short term - 0.703

Resistance -

• Long term - 0.75, Medium term - 0.738, Short term - 0.733

Economic release today -

• Building permits declined by -7.5% in January, down -15.5% from a year ago.
• Current account balance for fourth quarter came at -$21.1 billion.

Commentary -                                                                               

• With metals' rise, Aussie is the best performer this week.

NZD/USD -

Trading at 0.66

Trend meter -

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

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 -

• Global dairy auctions scheduled for today.

Commentary -

• Dairy auction likely to prompt next move in Kiwi.

USD/CAD -

Trading at 1.35

Trend meter -

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

Support -

• Long term - 1.285, Medium term - 1.34, Short term - 1.35

Resistance -

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

Economic release today -

• Canada fourth quarter GDP figure will be released at 13:30 GMT.

Commentary -                                                                                         

• Canadian Dollar is is almost flat for the week, however might gain more ground as oil price strengthen.