USD/CAD

Special Reports - 11/06/2024

11 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 (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 11, 2024
Current Price: 1.3780

USD/CAD	Weekly
Trend direction	DOWN
Resistance 3	1.3950
Resistance 2	1.3915
Resistance 1	1.3880
Support 1	1.3650
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 $	-1,234	-980	-726	943	2,032	2,758
Profit or loss in €²	-1,150	-913	-676	879	1,894	2,570
Profit or loss in £²	-968	-769	-570	741	1,595	2,165
Profit or loss in C$²	-1,700	-1,350	-1,000	1,300	2,800	3,800

1. 1.00 lot is equivalent of 100,000 units

2. Calculations for exchange rate used as of 12:52 (GMT+1) 11/06/2024

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

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