Currency snapshot (commodity pairs)

Dollar index trading at 98.42 (+0.17%)

Strength meter (today so far) - Aussie +0.71%, Kiwi -0.32%, Loonie -0.14%

Strength meter (since last week) - Aussie +1.53%, Kiwi -0.20%, Loonie +0.47%

AUD/USD -

Trading at 0.723

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 -

• New home sales rose 3.1% in January.
• Fourth quarter GDP rose 0.6% q/q and 35 from a year ago.

Commentary -                                                                               

• Aussie is best performer this week as GDP rose more than expected.

NZD/USD -

Trading at 0.661

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 -

• Kiwi remains worst performer today and this weak over weak dairy price.

USD/CAD -

Trading at 1.345

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(broken)

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 gaining ground with stronger oil price.