CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

USD/CAD

Market Opportunities - 11/08/2020

11 August, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

USD/CAD downtrend opportunity based On 1.00 Lot Calculation:

  • Oil prices are on the rise, while the US dollar is retreating again against all major currencies due to solid macroeconomic figures published from the euro zone and East Asia.
  • Technically, the downward trend of the currency may continue.

USD/CAD, August 11, 2020
Current price: 1.3293

USD/CAD

Weekly

Trend Direction

DOWN

Resistance 3

1.3393

Resistance 2

1.3373

Resistance 1

1.3353

Support 1

1.3233

Support 2

1.3213

Support 3

1.3193

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-749

-599

-450

450

599

749

Profit or loss Short in €**

-634

-507

-380

380

507

634

Profit or loss Short in £**

-484

-458

-343

343

458

572

Profit or loss Short in C$**

-1,000

-800

-600

600

800

1,000

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 11:05 (GMT+1) 11/08/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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