Currency snapshot (commodity pairs)

Dollar index trading at 93.83 (-0.14%)

Strength meter (today so far) – Aussie +0.86%, Kiwi +0.53%, Loonie +0.40%

Strength meter (since last week) – Aussie +1.50%, Kiwi +1.46%, Loonie +0.93%

AUD/USD –

Trading at 0.766

Trend meter –

• Long term – Range, Medium term – Sell, Short term – Buy

Support –

• Long term – 0.683, Medium term – 0.728, Short term – 0.742

Resistance –

• Long term – 0.82, Medium term – 0.79, Short term – 0.79

Economic release today –

• National Australia Bank’s business confidence improved to 6 from 3 and business conditions improved to 12 from 6.

Commentary –                                                                               

• With today’s big upside move, Aussie is best performer of the week.

NZD/USD –

Trading at 0.689

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 – 0.77, Medium term – 0.724, Short term – 0.69

Economic release today –

• Food price index for March will be released at 22:45 GMT.

Commentary –

• Kiwi is likely to try to break above 0.7 area once more.

USD/CAD –

Trading at 1.286

Trend meter –

• Long term – sell, Medium term – sell, Short term – Range/Sell

Support –

• Long term – 1.285, Medium term – 1.285 , Short term – 1.285

Resistance –

• Long term – 1.38, Medium term – 1.35, Short term – 1.33

Economic release today –

• NIL

Commentary –                                                                                         

• Focus for Loonie is on oil and BOC rate decision later in the week. All targets reached except 1.17 area, which may take a while and correction higher for the pair.