Currency snapshot (commodity pairs)

Dollar index trading at 98.81 (-0.43%)

Strength meter (today so far) - Aussie -0.82%, Kiwi +0.02%, Loonie -0.01%

Strength meter (since last week) - Aussie -3.01%, Kiwi -2.90%, Loonie -1.82%

AUD/USD -

Trading at 0.701

Trend meter -

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

Support -

• Long term - 0.68, Medium term - 0.69, Short term - 0.7

Resistance -

• Long term - 0.74, Medium term - 0.738, Short term - 0.738

Economic release today -

• Building permits drop by 12.7% in November. Trade balance came at -$2.906 billion for November.

Commentary -                                                                               

• Aussie remains weaker over turmoil in China and major selloff in Yuan. Worst performer today and this week.

NZD/USD -

Trading at 0.663

Trend meter -

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

Support -

• Long term - 0.56, Medium term - 0.62, Short term - 0.643

Resistance -

• Long term - 0.7, Medium term - 0.69, Short term - 0.69

Economic release today -

• NIL

Commentary -

• Kiwi is flat today, relatively better performer due to exposure to soft commodities.

USD/CAD -

Trading at 1.407

Trend meter -

• Long term - Buy, Medium term - Range, Short term - Range/buy

Support -

• Long term - 1.285, Medium term - 1.385, Short term - 1.395,

Resistance -

• Long term - 1.5, Medium term - 1.45, Short term - 1.42

Economic release today -

• Trade balance for November came at -$2 billion.

Commentary -                                                                                         

• Canadian Dollar dropped to new 12 year low against Dollar but recovered as oil jumped in New York.