Currency snapshot (commodity pairs)

Dollar index trading at 97.33 (+0.13%)

Strength meter (today so far) - Aussie +0.76%, Kiwi +0.52%, Loonie +0.08%

Strength meter (since last week) - Aussie +0.82%, Kiwi -0.44%, Loonie -0.67%

AUD/USD -

Trading at 0.749

Trend meter -

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

Support -

• Long term - 0.63, Medium term - 0.68, Short term - 0.72

Resistance -

• Long term - 0.78, Medium term - 0.75, Short term - 0.75

Economic release today -

• Home loans dropped -3.6% in January, while investment lending for homes dropped to -1.6%.

Commentary -                                                                               

• Aussie is best performer this week as it rides on stronger iron ore price. Expect consolidation here.

NZD/USD -

Trading at 0.678

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 -

• RBNZ will announce monetary policy at 20:00 GMT.

Commentary -

• Kiwi is up sharply today on weaker Dollar.

USD/CAD -

Trading at 1.34

Trend meter -

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

Support -

• Long term - 1.285, Medium term - 1.3 , Short term - 1.32

Resistance -

• Long term - 1.5, Medium term - 1.42, Short term - 1.38

Economic release today -

• BoC will announce monetary policy today at 15:00 GMT.

Commentary -                                                                                         

• Canadian Dollar is top performer against Dollar this year, likely to gain further. Next targets are, 1.32, 1.29 and 1.17 area. Focus today is on BOC monetary policy.