USD/CAD

Market Opportunities - 11/01/2021

11 January, 2021 Research Department

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 WEEKLY uptrend opportunity based On 1.00 Lot Calculation:

The US dollar extended its gains amid rising US government bond yields, which supported the demand for the US currency;
Crude oil prices are in a temporary retreat exerting additional pressure on the Loonie.

USD/CAD, January 11, 2021
Current price: 1.2763

USD/CAD	Weekly
Trend Direction	UP
Resistance 3	1.2893
Resistance 2	1.2873
Resistance 1	1.2853
Support 1	1.2673
Support 2	1.2653
Support 3	1.2633

Example of calculation based 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 $	1,018	862	705	-705	-862	-1,018
Profit or loss Short in €**	837	709	580	-580	-709	-837
Profit or loss Short in £**	755	639	523	-523	-639	-755
Profit or loss Short in C$**	1,300	1,100	900	-900	-1,100	-1,300

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:00 (GMT) 11/1/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more details

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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.

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