USD/CAD

Special Reports - 08/08/2024

08 August, 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:

CANADA:

WEDNESDAY, AUGUST 9 AT 13:30 GMT+1: CANADA EMPLOYMENT CHANGE AND UNEMPLOYMENT RATE (JULY). Canada’s has risen to 6.4% in June, which is the highest rate since February 2022. Meanwhile, the Bank of Canada cut its benchmark interest rate twice to slash it down to 4.5% from the previous 5.00%. Falling interest rates tend to help the economic activity and the labor market, therefore the markets could expect positive labor market figures in Canada soon. This could, in turn, support the Canadian dollar.

USA:

THURSDAY, AUGUST 8 AT 13:30 GMT+1: US INITIAL JOBLESS CLAIMS: The US will report its weekly initial jobless claims. Jobless claims have been rising, indicating a slowing job market.
WEDNESDAY, AUGUST 14 AT 13:30 GMT+1: US INFLATION (CPI) (JYLY). The US inflation continued falling, marking a decline from 3.5% to the current 3.0% since April. If inflation continues falling, this could encourage the US Fed to start cutting its benchmark interest soon, which in return could put the US dollar under negative pressure.

TECHNICAL REVIEW:

TECHNICAL ANALYSIS: THE USD/CAD IS TRADING NEAR THE TOP OF ITS SIDEWAYS CHANNEL (BETWEEN 1.3200 AND 1.3850). The channel has been in place since September 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 boundary 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 again.

GRAPH: Weekly (April 2021 – August 2024)

Please note that past performance does not guarantee future results.

USD/CAD, August 8, 2024
Current Price: 1.3740

USD/CAD	Weekly
Trend direction	DOWN
Resistance 3	1.4000
Resistance 2	1.3950
Resistance 1	1.3870
Support 1	1.3600
Support 2	1.3400
Support 3	1.3200

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 $	-1,959	-1,595	-939	954	2,410	3,866
Profit or loss in €²	-1,791	-1,458	-859	872	2,203	3,535
Profit or loss in £²	-1,542	-1,255	-740	751	1,898	3,044
Profit or loss in C$²	-2,690	-2,190	-1,290	1,310	3,310	5,310

1. 1.00 lot is equivalent of 100,000 units

2. Calculations for exchange rate used as of 09:00 (GMT+1) 08/08/2024

There is a possibility to use Stop-Loss and Take-Profit.

You may wish to consider closing your position in profit, even if it is lower than suggested one.
Trailing stop technique could protect the profit.

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