Currency snapshot (commodity pairs)

Dollar index trading at 98.07 (+0.85%)

Strength meter (today so far) - Aussie +0.17%, Kiwi +0.53%, Loonie -0.27%

Strength meter (since last week) - Aussie +0.82%, Kiwi -2.00%, Loonie +0.30%

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 up today benefiting from risk favoring sentiment.

NZD/USD -

Trading at 0.668

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 -

• Business PMI will be released at 21:30 GMT, followed by food price index at 21:45 GMT.

Commentary -

• Kiwi is up today but worst performer of the week due to surprise rate cut from RBNZ.

USD/CAD -

Trading at 1.328

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 -

• New house price index will be released at 13:30 GMT.

Commentary -                                                                                         

• Canadian Dollar is top performer gaining over BOC rate hold. Next targets are, 1.32, 1.29 and 1.17 area. Focus today is on BOC monetary policy.