Currency snapshot (commodity pairs)

Dollar index trading at 99.17 (+0.34%)

Strength meter (today so far) – Aussie -0.18%, Kiwi -0.42%, Loonie +0.25%

Strength meter (since last week) – Aussie -0.82%, Kiwi -1.88%, Loonie -0.80%

AUD/USD –

Trading at 0.746

Trend meter –

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

Support –

• Long term – 0.71, Medium term – 0.73, Short term – 0.75

Resistance –

• Long term – 0.782, Medium term – 0.78, Short term – 0.78

Economic release today –

• Australia’s terms of trade improved in the first quarter with export prices growing 9.4 percent and import prices growing by 1.2 percent.

Commentary –

• Aussie declined further as weaker iron price continues to weigh. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.687

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.67, Short term – 0.67

Resistance –

• Long term – 0.76, Medium term – 0.73, Short term – 0.723

Economic release today –

• Trade balance numbers will be reported at 22:45 GMT for March, along with Building permits data.

Commentary –

• President Trump’s dairy dispute with Canada has pushed kiwi to become the worst performer of this week as New Zealand is the biggest exporter of milk.

 USD/CAD –

Trading at 1.359

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 up today, despite weaker oil price as Trump announces no cancellation of NAFTA but renegotiations.