USD/CAD

Special Reports - 06/06/2024

06 June, 2024

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 weekly special report based on 1 Lot Calculation:

EVENT (FRIDAY, JUNE 7 AT 13:30 GMT+1): US NONFARM PAYROLL (NFP) AND UNEMPLOYMENT RATE (MAY). The US Unemployment rate sdands at 3.9% currently, up from previous 3.8%. This trend is expected to support expectations for the US Fed to start soon it next rate cut cycle, which could be negative for the US dollar.
EVENT (FRIDAY, JUNE 7 AT 13:30 GMT+1): CANADA EMPLOYMENT CHANGE AND UNEMPLOYMENT RATE (MAY). The Canadian unemployment rate stands currently at 6.1%, but down from previous 6.2%. If the trend continues on, the Bank of Canada may consider to pause the process of cutting its rates, which could be positive for the Canadian dollar.
EVENT (WEDNESDAY, JUNE 12 AT 13:30 GMT+1): US INFLATION (CPI) (MAY). The US Inflation stands currently at 3.4%, down from previous 3.5%, which could also encourage the Fed to consider cutting its rates in the coming period. This could be negative for the US dollar.
EVENT (WEDNESDAY, JUNE 12 AT 19:00 GMT+1): US FEDERAL RESERVE INTEREST RATE DECISION. The US Fed is expected to keep interest rates unchanged at 5.50% on Wednesday, but they are still expected to cut rates at least twice by 0.25% points by the end of 2024. If confirmed by the Fed, the US dollar could come under negative pressure.
EVENT (TUESDAY, JUNE 25 AT 13:30 GMT+1): CANADA INFLATION (CPI) (MAY). The Canadian Inflation stands currenly at 2.7%, down from previous 2.9%. The Canadian inflation is still above the central bank’s target of 2.00%, which could discourage the Bank of Canada to keep cutting its benchmark interest rate. This could be positive for the Canadian Dollar.
TECHNICAL ANALYSIS: THE USD/CAD IS TRADING NEAR THE TOP OF ITS SIDEWAYS CHANNEL (BETWEEN 1.3200 AND 1.3850). The chanel has been in place since mid- 2022, whereby the USD/CAD has tested the upper boundary of 1.38500 four times. On the downside, the USD/CAD has tested the lower boundery three times over the same period. The USD/CAD could be expected to soon undergo a downward correction after recently testing its upper boundary of 1.38500.

GRAPH: Weekly (July 2022 – June 2024)

USD/CAD, June 6, 2024
Current Price: 1.3695

USD/CAD	Weekly
Trend direction	DOWN
Resistance 3	1.3830
Resistance 2	1.3800
Resistance 1	1.3750
Support 1	1.3630
Support 2	1.3500
Support 3	1.3400

Example of calculation based on weekly trend direction for 1 Lot¹

USD/CAD
Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	-986	-767	-402	475	1,424	2,155
Profit or loss in €²	-907	-705	-369	437	1,310	1,981
Profit or loss in £²	-771	-600	-314	371	1,114	1,686
Profit or loss in C$²	-1,350	-1,050	-550	650	1,950	2,950

1. 1.00 lot is equivalent of 100,000 units

2. Calculations for exchange rate used as of 10:30 (GMT+1) 06/06/2024

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 detail

Share It With Your Network

US Dollar - Canadian Dollar Chart

Update Time: -

Highest

Lowest

Bid Price Ask Price

1M 5M H D W

Prices are loading..

Other Special Reports

Crude Oil 05 May, 2025

Crude Oil weekly special report based on 1.00 Lot Calculation: TECHNICAL ANALYSIS: BREAKING (MAY 5): CRUDE OIL...

Nvidia (#NVDA) 05 May, 2025

Nvidia (#NVDA) Weekly Special Report based on 1 Lot Calculation: THE COMPANY: NVIDIA develops and produces...

Silver 05 May, 2025

Silver Weekly Special Report based on 1.00 Lot Calculation: GEOPOLITICS: MIDDLE EAST TENSIONS RISE AS LATEST...

Ready for trading?Start Now

Daily market review & analysis Daily EU Session & US Session Analysis for CFD Instruments

Weekly Analysis Weekly Overview of CFD Movements

Technical Analysis Trading Central Technical Analysis System

Fortrade Ltd is authorised and regulated in the UK by FCA under the licence number 609970.

Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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. See full risk warning

Risk warning Privacy policy

Risk Warning and Disclaimer: CFDs and margin FX are leveraged products that carry a high level of risk to your capital. You should only trade with money you can afford to lose. Be Aware: You can lose all, but not more than the balance of your Trading Account. You do not own, or have any rights to, the underlying assets. Past performance is no guarantee of future performance. This information is intended to be general in nature and is not financial product advice. Any advice contained on this website or provided to you by Fort Securities Australia Pty Ltd is general advice only and has been prepared without considering your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. We encourage you to obtain independent financial advice and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS) and Target Market Determination (TMD) to determine if this product is suitable for you before deciding to enter into or obtain any financial products issued by us.

This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade Australia accepts no responsibility for any use that may be made of the information and for any consequences that result. 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.

Fort Securities Australia Pty Ltd (T/A Fortrade Australia) |ABN: 33 614 683 831 | AFSL: 493520

Risk warning Privacy policy

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

Risk warning Privacy policy

Fortrade Canada Limited, 1200 Waterfront Centre, 200 Burrard Street, P.O. Box 48600, Vancouver BC V7X 1T2, Canada. Email: [email protected]
Fortrade Canada Limited is regulated by the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Company registration number: BC1148613.
Click here to see Fortrade Canada Limited on the CIRO website.

Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.91% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Fortrade Cyprus Ltd is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 385/20. CFD products may not be suitable for all clients, therefore ensure, that you understand the risks involved and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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.

Risk warning | Privacy policy

Authorised and regulated by Financial Services Commission, Mauritius (FSC), SEC-2.1B investment dealer number: GB21026472.

Risk Warning and Disclaimer: All CFDs, including cryptocurrency CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Be aware, as a retail client you can lose all, but not more than the balance of your trading account due to Fortrade’s negative balance protection.

Risk warning | Privacy policy

Daily market review & analysis Weekly Analysis Technical Analysis Micro Analysis Special Reports Economic Calendar Publications

Main Site