Currency snapshot (commodity pairs)

Dollar index trading at 100.98 (+0.31%)

Strength meter (today so far) – Aussie +0.32%, Kiwi -0.12%, Loonie +0.37%

Strength meter (since last week) – Aussie -0.49%, Kiwi -1.56%, Loonie -0.51%

AUD/USD –

Trading at 0.765

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 – 0.78, Short term – 0.78

Economic release today –

• Home loans rose 0.4 percent in December and investment lending for homes declined by 1 percent.

Commentary –

• The Aussie headed higher today despite a strong dollar as commodities remain upbeat.

NZD/USD –

Trading at 0.718

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 – 0.733

Economic release today –

• NIL

Commentary –

• Thanks to RBNZ’s comments against a strong currency, kiwi is the worst performer of the day.

 USD/CAD –

Trading at 1.308

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 –

• Unemployment rate declined to 6.8 percent, despite a 0.1 percent increase in the participation rate. Net change in employment came at 48,300.

Commentary –   

• Loonie is up today against a strong dollar as oil prices increase. Better than expected employment report provided necessary support.