8May
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IForex Market Trading Signals and News of 08th May 2014

TRADING TIPS

USD/CAD

USD/CAD edged up to 1.0902 from 1.0890 ahead of the data. The pair was likely to find support at 1.0857 and resistance at 1.0950.The Canadian dollar dipped after Statistics Canada reported that the number of new building permits issued in March tumbled 3%, confounding expectations for a gain of 4.3%.February’s figure was revised to a drop of 11.3% from a previously reported decline of 11.6%.The greenback remained under pressure ahead of testimony to Congress by U.S. central bank head Janet Yellen later Wednesday. Ms. Yellen was widely expected to reiterate interest rates will remain on hold for longer, in spite of last month’s stronger-than-forecast U.S. nonfarm payrolls report.

GBP/USD

GBP/USD was trading at 1.6970, not far from the peaks of 1.6993 reached on Tuesday, the highest level since August 2009.Cable was likely to find support at 1.6925 and resistance at 1.7000.A recent string of upbeat reports about the U.K. economy has raised expectations the BoE could raise borrowing costs ahead of other central banks.The pound strengthened across the board on Tuesday after a forecast beating U.K. services purchasing managers’ index bolstered the outlook for the wider recovery.The U.K. services PMI rose to 58.7 last month from 57.6 in March, far above the 50 level separating growth from contraction and beating forecasts of an unchanged reading..

RECOMMENDATION :-

1. Buy GBP/USD Above 1.7005- TG: 1.7025/ 1.7055 SL 1.6975
2. Sell GBP/USD Below 1.6950- TG: 1.6930/ 1.6900 SL 1.6980

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