Currency snapshot (commodity pairs)

Dollar index trading at 102.37 (+0.29%)

Strength meter (today so far) – Aussie +0.41%, Kiwi -0.15%, Loonie -0.14%

Strength meter (since last week) – Aussie +0.98%, Kiwi +0.87%, Loonie -0.02%

AUD/USD –

Trading at 0.739

Trend meter –

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

Support –

• Long term – 0.683, Medium term – 0.72, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.765, Short term – 0.765

Economic release today –

• NIL

Commentary –

• Australian dollar is the best performer among all major currencies despite a strong dollar on support from metal prices.

NZD/USD –

Trading at 0.7

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.69, Short term – 0.69

Resistance –

• Long term – 0.8, Medium term – 0.76, Short term – 0.73

Economic release today –

• NIL

Commentary –

• Kiwi struggles as market hopes another rate cut from RBNZ.

 USD/CAD –

Trading at 1.324

Trend meter –

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

Support –

• Long term – 1.28, Medium term – 1.3 , Short term – 1.3

Resistance –

• Long term – 1.38, Medium term – 1.365, Short term – 1.365

Economic release today –

• NIL

Commentary –   

• Loonie is the worst performer among commodity pairs as the decline in oil price weighs. We expect the loonie to reach 1.375 and 1.4.