Currency snapshot (commodity pairs)

Dollar index trading at 97.28 (-0.06%)

Strength meter (today so far) – Aussie +0.14%, Kiwi +0.40%, Loonie +0.13%

Strength meter (since last week) – Aussie +0.35%, Kiwi +1.65%, Loonie +0.03%

AUD/USD –

Trading at 0.748

Trend meter –

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

Support –

• Long term – 0.71, Medium term – 0.73, Short term – 0.73

Resistance –

• Long term – 0.782, Medium term – 0.78, Short term – 0.755

Economic release today –

• Westpac leading index declined 0.1 percent in April.
• Construction work done in the first quarter declined by 0.7 percent.

Commentary –

• Performance declined as the dollar recovered. Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.704

Trend meter –

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

Support –

• Long term – 0.66, Medium term – 0.67, Short term – 0.67

Resistance –

• Long term – 0.76, Medium term – 0.73, Short term – 0.723

Economic release today –

• NIL

Commentary –

• The weaker dollar and higher commodity prices pushing the kiwi higher; the best performer of the week so far.

 USD/CAD –

Trading at 1.35

Trend meter –

• Long term – sell, Medium term – buy, Short term – Range/buy

Support –

• Long term – 1.32, Medium term – 1.33, Short term – 1.35

Resistance –

• Long term – 1.38, Medium term – 1.38, Short term – 1.38

Economic release today –

• BoC will announce interest rate decision at 14:00 GMT.

Commentary –   

• Loonie remains upbeat but cautious ahead of BoC meeting today and OPEC meeting on Thursday on higher oil price.