Currency snapshot (commodity pairs)

Dollar index trading at 89.04 (-0.08%)

Strength meter (today so far) – Aussie -0.81%, Kiwi -0.42%, Loonie -0.12%

Strength meter (since last week) – Aussie -1.37%, Kiwi +0.15%, Loonie -0.26%

AUD/USD –

Trading at 0.799

Trend meter –

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

Support –

• Long term – 0.746, Medium term – 0.765, Short term – 0.785

Resistance –

• Long term – 0.85, Medium term – 0.825, Short term – 0.825

Economic release today –

• Building permits down 20 percent in December, down 5.5 percent from a year ago.

Commentary –

• Aussie is the worst performer of the week on weaker building permits report.

NZD/USD -

Trading at 0.734

Trend meter –

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

Support –

• Long term – 0.68, Medium term – 0.69, Short term – 0.71

Resistance –

• Long term – 0.76, Medium term – 0.735, Short term – 0.735 (testing)

Economic release today –

• NIL

Commentary –

• Kiwi is the best performer of the week on robust trade balance for December and positive credit outlook by S&P rating agency but down sharply today.

 USD/CAD –

Trading at 1.232

Trend meter –

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

Support –

• Long term – 1.2, Medium term – 1.22, Short term – 1.22

Resistance –

• Long term – 1.3, Medium term – 1.28, Short term – 1.24

Economic release today –

• Markit manufacturing PMI report will be released at 14:30 GMT.

Commentary –

• Loonie is down this week despite a weaker dollar as NAFTA tensions weigh.

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