USDCAD weekly special report based On 1.00 Lot Calculation:
- EVENT: Friday, August 25 at 15:05 (GMT+1) - Fed Chair Jarome Powel speech at Jackson Hole Summit (Aug. 24 and runs through Saturday, Aug. 26). The speech is expected to attract interest across global markets and give some clarity on whether more interest-rate hikes will be needed to bring down inflation to the group's 2% target amid surprisingly strong economic growth. There are only three Fed policy meetings left in 2023 with the next one on September 19th. Financial markets also want to hear if there will be rate hikes in 2024. Traders saw just a 13.5% chance of a rate hike in September as of Monday, according to the CME FedWatch Tool.
- EVENT: NFP and Unemployment rate in the US, September 1, at 15:00 (GMT+1). Important labor market data could influence the US Federal Reserve (Fed) decision on whether to raise the policy rate again this year. The tight labor market’s persistent role in pushing up consumer prices. July data showed NFP rose 187,000 which was below expected 200,000 while the unemployment rate edged lower to 3.5% from 3.6%.
- TECHNICAL ANALYSIS: On a daily chart, both 14-Day Relative Strength Index (RSI) and MACD are showing the USD/CAD pair is trading in an overbought territory. For six days the price is consolidating around the highest level since June completing a “double bottom pattern”, a charting formation which together with other technical indicators could signal a major change in trend and downward correction.
USDCAD, August 23, 2023
Current Price:1.35580
|
USD/CAD |
Weekly |
|
Trend direction |
|
|
1.38840 |
|
|
1.37820 |
|
|
1.36920 |
|
|
1.34080 |
|
|
1.32635 |
|
|
1.31425 |
Example of calculation based on weekly trend direction for 1 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
-2,511.23 |
-1,725.51 |
-1,032.22 |
1,155.47 |
2,268.58 |
3,200.66 |
|
Profit or loss in €² |
-2,319.46 |
-1,593.74 |
-953.40 |
1,067.24 |
2,095.34 |
2,956.24 |
|
Profit or loss in £² |
-1,972.99 |
-1,355.68 |
-810.99 |
907.82 |
1,782.35 |
2,514.66 |
|
Profit or loss in C$² |
-3,260.00 |
-2,240.00 |
-1,340.00 |
1,500.00 |
2,945.00 |
4,155.00 |
1. 1 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 10:05 (GMT+1) 23/08/2023
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 details