Forex Market Trading Signals and News of 17th March 2014


USD/JPY gains on upbeat Chinese growth rates
Forex – USD/CAD hits session highs after BoC holds rates
Dollar rises against yen, Canadian dollar lower after BoC

USD/JPY was up 0.38% and trading at 102.30, up from a session low of 101.81 and off a high of 102.37.The pair
was expected to test support at 101.33, Friday’s low, and resistance at 104.12, the high from April 4.Data released
earlier revealed that China’s gross domestic product expanded at an annual rate of 7.4% in the first three months
of 2014, slowing from 7.7% in the fourth quarter, but beating expectations for a 7.3% reading, which softened
the yen as investors ditched the safe-harbor currency to take on risk.Meanwhile in the U.S., industrial
production rose 0.7% in March from February, beating expectations for a 0.5% reading, which supported the
dollar, though soft U.S. housing data watered down the greenback’s advance.The Commerce Department
reported earlier that housing starts rose 2.8% in March to 946,000, missing analyst forecasts for a 6.4% increase
to 973,000 units…

USD/CAD was up 0.19% to 1.1000 from 1.0979 ahead of the central bank announcement.The pair was likely to
find support at 1.0958, the session low and resistance at 1.1070, the high of April 1.The BoC left rates on hold at
1.00% and said that underlying inflation is expected to remain below target for some time.The timing and
direction of the next change to the policy rate will depend on how economic data influences the risks associated
with household imbalances, the bank’s rate statement said.The BoC kept its forecast for economic growth
unchanged at around 2.5% in 2014 and 2015 before easing to around 2% in 2016 and said that the global
economic expansion is expected to strengthen over the next three years.In the U.S., data on

1. Buy GBP/USD Above 1.6825- TG: 1.6845/ 1.6875 SL 1.6785
2. Sell GBP/USD Below 1.6775- TG: 1.6755/ 1.6725 SL 1.6810

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