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USD/CAD

Market Opportunities - 24/11/2021

24 November, 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 Daily uptrend opportunity based on 1.00 Lot Calculation:

  • EVENT: (Wednesday, November 24 at 1:30 pm GMT) – US GDP for the third quarter of 2021 will be released. It is expected to rise, from 2% to 2.2% (forecast);
  • EVENT: (Wednesday, November 24 at 19:00 pm GMT) – US FOMC Meeting Minutes (19:00 GMT). The document will allow us to assess the general mood of the regulator in the context of the latest inflation data. It should be noted that the tone of statements by many Fed members has tightened for the last two weeks, so it is likely that the Fed's "minutes" will also be hawkish.
  • The USD/CAD pair is trading around the level of 1.2700. A consolidation above it on the wave of support for the US dollar from the expectation of an earlier Fed rate hike will allow the pair to rise.

USD/CAD, November 24, 2021
Current Price: 1.2670

USD/CAD

Daily

Trend Direction

UP

Resistance 3

1.2840

Resistance 2

1.2785

Resistance 1

1.2745

Support 1

1.2595

Support 2

1.2570

Support 3

1.2526

Example of calculation based on daily 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 $

1,341

907

592

-592

-789

-1,136

Profit or loss Short in €**

1,196

809

528

-528

-703

-1,013

Profit or loss Short in £**

1,003

679

443

-443

-590

-850

Profit or loss Short in C$**

1,700

1,150

750

-750

-1,000

-1,440

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:30 am (GMT) 24/11/2021
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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