USD/CAD

Special Reports - 18/08/2021

18 August, 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, August 18, 19:00 GMT+1 – The US Federal Reserve meeting minutes. Investors are looking for clues to the central bank’s timeline for asset tapering and interest rate hikes. The demand for risk may remain weak, which gives an advantage to defensive assets - the dollar, gold, and bonds.
EVENT: Wednesday, August 18, 13:30 GMT+1 – CPI data from Canada will be published. The inflation is expected to grow in July from 3.1% to 3.4% on an annual basis.
Investors remain worried that the fast-spreading Delta variant of the coronavirus could derail the global economic recovery and dent fuel demand. This was evident from the recent decline in crude oil prices, which, in turn, undermined the commodity-linked CAD.

USD/CAD, August 18, 2021
Current Price: 1.2610

USD/CAD	Daily
Trend Direction	UP
Resistance 3	1.2860
Resistance 2	1.2725
Resistance 1	1.2680
Support 1	1.2550
Support 2	1.2500
Support 3	1.2390

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 $	1,983	912	555	-476	-872	-1,745
Profit or loss Short in €**	1,691	778	473	-406	-744	-1,488
Profit or loss Short in £**	1,442	664	404	-346	-635	-1,269
Profit or loss Short in C$**	2,500	1,150	700	-600	-1,100	-2,200

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 9:15 am (GMT+1) 18/8/2021
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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