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USD/CAD

Market Opportunities - 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 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 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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