USD/CAD

Special Reports - 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 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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