23Apr

Forex Market Trading Signals and News of 23th April 2014

➔ Forex – USD/CAD edges lower in subdued trade
➔ Forex – Euro pushes higher against dollar, gains limited
➔ Forex -U.S. stocks open moderately higher, data ahead; Dow Jones up 0.14%

USD/CAD
USD/CAD was last trading at 1.1004 and was moving in a range of 1.1024 and 1.1001.The pair was likely to find support at 1.0958, the low of April 16 and resistance at 1.1030, Monday’s high.The pair showed little reaction after Statistics Canada reported that wholesale sales rose 1.1% in February, the largest increase since July 2013, to C$50.67 billion, following a downwardly revised 0.5% gain in January.Market expectations had been for an increase of 0.7% in February.The U.S. was to release data on existing homes sales later in the trading day.

EUR/USD
EUR/USD was last up 0.17% to 1.3815, recovering from the two-week lows of 1.3784 struck earlier in the session.The pair was likely to find support at 1.3775 and resistance at 1.3865.Demand for the common currency remained subdued after ECB President Mario Draghi warned earlier this month that further gains in the euro would trigger additional monetary easing to keep inflation from falling.The annual rate of euro zone inflation slowed to 0.5% in March, the lowest since November 2009.Euro zone inflation has now been in the ECB’sdanger zone of below 1% for six straight months, adding to pressure on policymakers to implement fresh
stimulus measures to shore up the fragile recovery in the region.

RECOMMENDATION:
1. Buy GBP/USD Above 1.6840- TG: 1.6860/ 1.6890 SL 1.6809
2. Sell GBP/USD Below 1.6790- TG: 1.6770/ 1.6740 SL 1.6825

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