Currency snapshot (commodity pairs)

Dollar index trading at 93.12 (+0.16%)

Strength meter (today so far) – Aussie -0.25%, Kiwi -0.32%, Loonie -0.79%

Strength meter (since last week) – Aussie -1.46%, Kiwi -0.95%, Loonie -1.95%

AUD/USD –

Trading at 0.748

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 –

• NIL

Commentary –                                                                               

• Aussie is worst performer today as RBA eased policy, a break below 0.75 area could push it lower further 500 pips.

NZD/USD –

Trading at 0.691

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 –

• ANZ commodity prices declined -0.8% in April, down -2.8% in New Zealand Dollar terms.

Commentary –

• Kiwi is down today over relatively stronger Dollar, best performer of the week.

USD/CAD –

Trading at 1.281

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 –

• Trade deficit for March came at $3.41 billion.

Commentary –                                                                                         

• Loonie is worse performer this week on weaker oil, higher trade deficit and dovish Poloz. All targets reached except 1.17 area, which may take a while and correction higher for the pair.