Currency snapshot (commodity pairs)

Dollar index trading at 100.71 (+0.00%)

Strength meter (today so far) – Aussie -0.15%, Kiwi -0.46%, Loonie +0.06%

Strength meter (since last week) – Aussie +0.09%, Kiwi +0.26%, Loonie +0.41%

AUD/USD –

Trading at 0.749

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 –

• In April report, Westpac consumer confidence declined by 0.7 percent.

Commentary –

• Weak metal prices weigh on Aussie, which is the worst performer of the week so far. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.692

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 –

• Business PMI report will be published at 22:30 GMT.
• Food price index will be updated for March at 22:45 GMT.

Commentary –

• Kiwi is the worst performer of the day but still positive on the dollar this week.

 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 –

• BoC will announce interest rate decision at 14:00 GMT, followed by the press conference at 15:15 GMT.

Commentary –   

• Loonie is the best performer of the week so far as rising oil price on geopolitical tensions provides support. The focus is on BoC rate decision.