Currency snapshot (commodity pairs)

Dollar index trading at 92.87 (-0.17%)

Strength meter (today so far) – Aussie +0.75%, Kiwi +0.69%, Loonie +0.25%

Strength meter (since last week) – Aussie +0.75%, Kiwi +0.69%, Loonie +0.25%

AUD/USD –

Trading at 0.765

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 –

• TD securities inflation came at 1.5% in April, down from 1.7% prior.

Commentary –                                                                               

• Aussie recovered a lot of grounds today on weaker Dollar. Focus is on tomorrow’s RBA.

NZD/USD –

Trading at 0.702

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 – 0.724

Economic release today –

• RBNZ Kept monetary policy unchanged at 2.25%.

Commentary –

• Kiwi once again broke above 0.7 area, further gains likely.

USD/CAD –

Trading at 1.252

Trend meter –

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

Support –

• Long term – 1.19, Medium term – 1.22 , Short term – 1.25

Resistance –

• Long term – 1.334, Medium term – 1.32, Short term – 1.3

Economic release today –

• RBC manufacturing PMI will be released at 13:30 GMT.

Commentary –                                                                                         

• Loonie is still testing key resistance around 1.25 area. All targets reached except 1.17 area, which may take a while and correction higher for the pair.