CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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 - 11/01/2021

11 January, 2021

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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