Currency snapshot (commodity pairs)

Dollar index trading at 100.84 (-0.17%)

Strength meter (today so far) – Aussie +0.01%, Kiwi -0.30%, Loonie -0.01%

Strength meter (since last week) – Aussie +0.32%, Kiwi +0.52%, Loonie +0.38%

AUD/USD –

Trading at 0.751

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 –

• National bank’s business conditions index sharply improves to 14, while business confidence index marginally deteriorates to 6 in March.

Commentary –

• Declining iron ore prices weighing on Aussie. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.694

Trend meter –

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

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 –

• Kiwi is the worst performer of the day but best of the week so far.

 USD/CAD –

Trading at 1.332

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 –   

• The focus for Loonie is on BoC rate decision this week as oil price provides support.