USDCAD weekly special report based On 1.00 Lot Calculation:
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EVENT: CANADA RETAIL SALES MONTH-ON-MONTH (Friday, November 24 at 13:30 (GMT) – Canada will be reporting its retail sales month-on-month for September. The previous two prints have exhibited a growing trend, and if the Retail Sales come in higher than expected, the Canadian dollar could rise putting negative pressure on the USDCAD pair.
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EVENT: US CORE PCE PRICE INDEX, (Thursday, November 30 at 13:30 (GMT) – The United States will be reporting its Core PCE price index, considered one of the Federal Reserves most tracked piece of data. With declining trends in headline CPI, the Core PCE Index has also been steadily declining. If the print comes in lower than expected, the US dollar could weaken further, putting negative pressure on the USDCAD pair.
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CANADIAN DOLLAR STRENGTH POSITIVELY CORRELATED WITH CRUDE OIL PRICES: According to statistics, over a 15-year period, the Canadian Dollar has strengthened in times of rising crude oil prices. For example, when prices of crude oil ranged between $90 and $100 dollars from 2010 – 2015, the CAD was trading around parity. When crude oil prices crashed in 2020, the CAD weakened against USD, currency pair was trading at 1.4000 a multi-year high at the time. With crude oil prices expected to rise from current levels, the Canadian dollar could strengthen and push the USDCAD pair lower.
Source: IG US LLC
USDCAD, November 22, 2023
Current Price: 1.37100
USD/CAD |
Weekly |
Trend direction |
|
1.39000 |
|
1.38700 |
|
1.38500 |
|
1.35690 |
|
1.32635 |
|
1.31425 |
Example of calculation based on weekly trend direction for 1 Lot1
Pivot Points |
||||||
Profit or loss in $ |
-1,386.22 |
-1,167.35 |
-1,021.43 |
1,028.72 |
3,257.63 |
4,140.43 |
Profit or loss in €² |
-1,271.65 |
-1,070.86 |
-937.00 |
943.70 |
2,988.37 |
3,798.21 |
Profit or loss in £² |
-1,106.74 |
-931.99 |
-815.49 |
821.32 |
2,600.84 |
3,305.65 |
Profit or loss in C$² |
-1,900.00 |
-1,600.00 |
-1,400.00 |
1,410.00 |
4,465.00 |
5,675.00 |
- 1 lot is equivalent of 100,000 units
- Calculations for exchange rate used as of 11:05 (GMT) 22/11/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 Senior Account ManagerClient Manager for more details