Currency snapshot (commodity pairs)

Dollar index trading at 97.62 (+0.52%)

Strength meter (today so far) - Aussie +0.21%, Kiwi -0.75%, Loonie -0.11%.

Strength meter (since last week) - Aussie -0.61%, Kiwi -2.89%, Loonie -2.23%.

AUD/USD -

Trading at 0.738

Trend meter -

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

Support -

• Long term - 0.60, Medium term - 0.71, Short term - 0.71-0.715

Resistance -

• Long term - 0.87, Medium term - 0.83, Short term - 0.793-0.796

Economic release today -

• Inflation expectations rose to 3.4% in July.

Commentary -                                                                               

• Aussie is the better performer this week, as improved economic dockets providing some relief. Sell Aussie with stop around 0.785 and 0.825 to target 0.715, 0.70 and 0.65.

NZD/USD -

Trading at 0.652

Trend meter -

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

Support -

• Long term - 0.653, Medium term - 0.65, Short term - 0.65

Resistance -

• Long term - 0.883, Medium term - 0.80-0.805, Short term - 0.737-0.74, Immediate - 0.705

Economic release today -

• Dairy prices dropped by -10.7% in latest auction.

Commentary -

• Kiwi is at crucial support of 0.65. Outlook still remain bearish. Focus is on RBNZ next week.

USD/CAD -

Trading at 1.294

Trend meter -

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

Support -

• Long term - 1.17, Medium term - 1.1840-1.18, Short term - 1.217-1.213

Resistance -

• Long term - 1.298-1.315, Medium term - 1.30-1.35, Short term - 1.30

Economic release today -

• NIL

Commentary -                                                                                         

• Canadian dollar remains sell against dollar, the pair might reach as high as 1.38. BOC's rate cut keeping dollar bulls energized. Weaker oil price might push loonie even lower.