Currency snapshot (commodity pairs)

Dollar index trading at 96.96 (+0.45%)

Strength meter (today so far) – Aussie +0.55%, Kiwi +0.23%, Loonie -0.06%

Strength meter (since last week) – Aussie +1.56%, Kiwi +0.84%, Loonie +0.14%

AUD/USD –

Trading at 0.755

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 –

• The Australian economy grew 0.3 percent in the first quarter, up 1.7 percent from a year ago.

Commentary –

• The Australian dollar is the best performer of the week on better than expected data and a weaker dollar. Today’s better than expected GDP number provided necessary boost.  Aussie might decline to 0.72 area once more to test support.

NZD/USD –

Trading at 0.719

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 –

• Kiwi is the best performer of the day. The focus is on global dairy auction today.

 USD/CAD –

Trading at 1.346

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 (testing)

Resistance –

• Long term – 1.38, Medium term – 1.38, Short term – 1.37

Economic release today –

• Building permits report will be released at 12:30 GMT.

Commentary –   

• Loonie is the weakest performer of the week thanks to lower oil price.