Commodity Currencies Rise Against Majors

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Wednesday.

The Australian dollar rose to 1-week highs of 0.6544 against the U.S. dollar and 101.33 against the yen, from yesterday's closing quotes of 0.6531 and 101.00, respectively.

Against the euro and the NZ dollar, the aussie edged up to 1.6209 and 1.1056 from yesterday's closing quotes of 1.6220 and 1.1045, respectively.

If the aussie extends its uptrend, it is likely to find resistance around 0.67 against the greenback, 103.00 against the yen, 1.61 against the euro and 1.11 against the kiwi.

The NZ dollar rose to a 1-week high of 0.5922 against the U.S. dollar and a 5-day high of 91.68 against the yen, from yesterday's closing quotes of 0.5912 and 91.41, respectively.

Against the euro, the kiwi edged up to 1.7912 from a recent low of 1.7940.

If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback, 92.00 against the yen and 1.76 against the euro.

The Canadian dollar rose to a 1-week high of 1.3951 low of 1.3967 against the U.S. dollar and a 5-day high of 111.12 against the yen, from recent lows of 1.3967 and 110.81, respectively.

Against the euro and the Australian dollar, the loonie edged up to 1.4783 and 0.9107 from recent lows of 1.4804 and 0.9130, respectively.

If the loonie extends its uptrend, it is likely to find resistance around 1.36 against the greenback, 113.00 against the yen, 1.47 against the euro and 0.90 against the aussie.