USD/CAD Weekly uptrend opportunity based on 1.00 Lot Calculation:
- EVENT: Friday, July 23, 01:30 PM GMT+1 - The Canada Retail Sales for May & The US Services PMI for July at 02:45 PM GMT+1 – The Core Retail Sales are expected to show the drop of 5% in June, after they declined 7.2% in May. On the other hand, the US Services PMI for July is expected to increase to 70 points after it posted 64.6 in June. The disparity in the expected data could strengthen the US dollar.
- The Canadian dollar is under pressure as the acceleration of the pandemic and the fall in crude oil prices exert pressure on the Loonie;
- The currency pair is in the strong upside momentum that may continue.
USD/CAD, July 19, 2021
Current Price: 1.2739
|
USD/CAD |
Weekly |
|
Trend Direction |
|
|
1.2909 |
|
|
1.2889 |
|
|
1.2869 |
|
|
1.2609 |
|
|
1.2589 |
|
|
1.2569 |
Example of calculation based on weekly trend direction for 1.00 Lot*
|
Profit or loss Short in $ |
1,354 |
1,194 |
1,035 |
-1,035 |
-1,194 |
-1,354 |
|
Profit or loss Short in €** |
1,150 |
1,014 |
879 |
-879 |
-1,014 |
-1,150 |
|
Profit or loss Short in £** |
988 |
871 |
755 |
-755 |
-871 |
-988 |
|
Profit or loss Short in C$** |
1,700 |
1,500 |
1,300 |
-1,300 |
-1,500 |
-1,700 |
* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 12:40 pm (GMT+1) 19/7/2021
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