6Jun
forex-market-hours

IForex Market Trading Signals and News of 06th June 2014

TRADING TIPS :

➔Forex – USD/CAD pares losses after U.S., Canadian data
➔Forex – GBP/USD remains higher after BoE holds
➔Forex – EUR/USD hits 4-month lows on ECB rate cut, Draghi remarks

USD/CAD
➔USD/CAD pulled away from 1.0917, the pair’s lowest since Wednesday, to hit 1.0934 during European afternoon trade, still down 0.07%. The pair was likely to find support at 1.0885,the low of May 22 and  resistance at 1.0989, the high of May 5. Official data showed that building permits in Canada rose 1.1% in April, confounding expectations for an increase of 1.4%,after a 3.2% decline   in March, whose figure was revised down from a previously estimated 3% drop. Meanwhile, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 31 increased by 8,000 to 312,000 from the previous week’s revised total of 304,000.Analysts had expected jobless claims to rise by 6,000 to 310,000 last week.

GBP/USD
➔GBP/USD hit 1.6792 during early European afternoon trade, the pair’s highest since May 28; the pair subsequently consolidated at 1.6767, adding 0.17%.Cable was likely to find support at 1.6693, the low of May 29 and resistance at 1.6841, the high of May 16.In a widely expected move,the BoE’s Monetary Policy Committee voted to keep interest rates on hold at their current record low of 0.5%. The bank also made no change in its quantitative easing program, which remains at £375 billion.Expectations for a U.K. rate hike in the early part of next year have recently propelled sterling to multi-year highs against the dollar, after a string of strong economic reports indicated that the recovery is deepening..

RECOMMENDATION :

1. Buy GBP/USD Above 1.6815- TG: 1.6835/ 1.6865 SL 1.6785
2. Sell GBP/USD Below 1.6770- TG: 1.6750/ 1.6720 SL 1.6800

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