USDCAD Weekly downtrend opportunity based on 1 Lot Calculation:
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EVENT: Wednesday, June 1 at 15:00 GMT+1 – Bank of Canada meeting. The Canadian central bank is expected to remain extremely hawkish in its monetary policy announcement. The April inflation rate landed at 6.9%, above the forecasts of 6.7% and is at a more than a two-decade high level. The interest rate hike is expected to be 50 basis points;
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Rising oil prices are supporting the loonie as mounting supply worries due to expectations of an embargo on Russian oil from Europe, the start of the US driving season and the reopening of Shanghai in June.
USDCAD, May 30, 2022
Current Price: 1.2700
|
USD/CAD |
Weekly |
|
Trend Direction |
|
|
1.2980 |
|
|
1.2930 |
|
|
1.2880 |
|
|
1.2520 |
|
|
1.2470 |
|
|
1.2420 |
Example of calculation based on weekly trend direction for 1 Lot1
|
Profit or loss Short in $ |
-2,187 |
-1,796 |
-1,406 |
1,406 |
1,796 |
2,187 |
|
Profit or loss Short in €2 |
-2,036 |
-1,673 |
-1,309 |
1,309 |
1,673 |
2,036 |
|
Profit or loss Short in £2 |
-1,733 |
-1,423 |
-1,114 |
1,114 |
1,423 |
1,733 |
|
Profit or loss Short in C$2 |
-2,800 |
-2,300 |
-1,800 |
1,800 |
2,300 |
2,800 |
1. 1 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 09:30 (GMT+1) 30/5/2022
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
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You may wish to consider closing your position in profit, even if it is lower than suggested one
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Trailing stop technique can protect the profit – Ask your Client Manager for more details