USD/CAD Weekly uptrend opportunity based on 1 Lot Calculation:
- EVENT: Thursday, March 10 at 13:30 GMT - The U.S. CPI figures for February. In January, the headline inflation (Consumer Price Index - CPI) indicated an increase of 7.5% on an annual basis, the highest in the last 40 years. This time, expectations stand at 7.3%. However, rising energy prices could cause a higher CPI reading than expected, which would push the US Federal Reserve to become more aggressive by quickly rising interest in an effort to lower inflation in the US;
- Federal Reserve Chair Jerome Powell said on Wednesday the central bank would begin “carefully” raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected;
- Concerns about the economic impact of the global turmoil on financial markets following Russia's invasion of Ukraine continued underpinning the safe-haven US dollar;
- Technically speaking, the currency pair seems to be oversold and bounced back several times from the 1.26 level in the last six months.
USD/CAD, March 3, 2022
Current Price: 1.2618
|
USD/CAD |
Weekly |
|
Trend Direction |
|
|
1.2768 |
|
|
1.2748 |
|
|
1.2728 |
|
|
1.2508 |
|
|
1.2488 |
|
|
1.2468 |
Example of calculation based on weekly trend direction for 1 Lot1
|
Profit or loss Short in $ |
1,189 |
1,030 |
872 |
-872 |
-1,030 |
-1,189 |
|
Profit or loss Short in €2 |
1,072 |
929 |
786 |
-786 |
-929 |
-1,072 |
|
Profit or loss Short in £2 |
888 |
770 |
651 |
-651 |
-770 |
-888 |
|
Profit or loss Short in C$2 |
1,500 |
1,300 |
1,100 |
-1,100 |
-1,300 |
-1,500 |
1. 1 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 12:40 (GMT) 3/3/2022
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