USD/CAD

Special Reports - 10/06/2021

10 June, 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 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 downtrend opportunity based on 1.00 Lot Calculation:

EVENT: Wednesday, June 16, 07:00 PM GMT+1 – The US Federal Reserve’s interest rate decision with an accompanying media conference of the Fed Chair Jerome Powell.
The Bank of Canada left policy unchanged yesterday, but signaled that bond-buying program tapering could be approved soon with a rate hike firmly on the agenda for the second half of 2022. The Loonie is also benefiting rising crude oil prices;
The official figures released on Thursday showed that inflation in the US further accelerated in May with headline inflation hitting 5% in May, more than 4.7% expected. High inflation depreciates the US dollar.

USD/CAD, June 10, 2021
Current Price: 1.2111

USD/CAD	Weekly
Trend Direction	DOWN
Resistance 3	1.2231
Resistance 2	1.2211
Resistance 1	1.2191
Support 1	1.2031
Support 2	1.2011
Support 3	1.1991

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 $	-991	-826	-661	661	826	991
Profit or loss Short in €**	-815	-679	-543	543	679	815
Profit or loss Short in £**	-703	-586	-469	469	586	703
Profit or loss Short in C$**	-1,200	-1,000	-800	800	1,000	1,200

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 02:10 pm (GMT+1) 10/6/2021
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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