USDCAD

Special Reports - 29/11/2023

29 November, 2023

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.

USDCAD weekly special report based On 1.00 Lot Calculation:

EVENT:(Core PCE Price Index Year-on-Year for October, November 30^th, 2023 GMT 13:30): With all other inflationary data exhibiting a declining trend, Core PCE is also expected to come in lower than the previous print, with markets forecasting 3.5% vs 3.7% expected. Weaker data could reinforce dollar weakness, and may push the USDCAD lower.
EVENT: (Federal Reserve Chair Powell Speaks, December 1^st, 2023 GMT 16:00): Federal Reserve Chair Powell is set to speak, with investors attentively observing the speech. Powell is set to be questioned extensively throughout the event and could be discussing monetary policy expectations and economic outlooks. This may cause volatility and give markets more clarity on an interest rate path moving forward. If the speech is more dovish, the USDCAD price could move lower.
EVENT: (Canada Unemployment, December 1^st, 2023 GMT 13:30): Canada is expected to report its Unemployment rate for November. If it comes in lower than expected this could strengthen the Canadian dollar, and push the USDCAD pair lower.
EVENT: (US Nonfarm Payrolls and Unemployment, December 8^th, 2023 GMT 13:30): The United States will be releasing nonfarm payrolls and unemployment. Nonfarm payrolls have been trending lower recently, while unemployment has been inching higher. If the Nonfarm payrolls continue to fall while unemployment rises, there could be extended US dollar weakness.
CANADIAN DOLLAR STRENGTH POSITIVELY CORRELATED WITH CRUDE OIL PRICES: According to statistics, over a 15-year period, the Canadian Dollar has strengthened in times of rising crude oil prices. For example, when prices of crude oil ranged between $90 and $100 dollars from 2010 – 2015, the USD CAD was almost trading at parity. When crude oil prices crashed in 2020, the CAD weakened against USD, currency pair was trading at 1.400 a multi-year high at the time. With oil prices expected to rise from current levels, the Canadian dollar could strengthen and push the USDCAD pair lower.

Source: IG US LLC

USDCAD, November 29, 2023

Current Price: 1.36000

USD/CAD	Weekly
Trend direction	DOWN
Resistance 3	1.38500
Resistance 2	1.38000
Resistance 1	1.37600
Support 1	1.34000
Support 2	1.32600
Support 3	1.31900

Example of calculation based on weekly trend direction for 1 Lot¹

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	-1,839.25	-1,471.40	-1,177.12	1,471.40	2,501.38	3,016.37
Profit or loss in €²	-1,676.04	-1,340.83	-1,072.66	1,340.83	2,279.41	2,748.70
Profit or loss in £²	-1,449.95	-1,159.96	-927.97	1,159.96	1,971.94	2,377.92
Profit or loss in C$²	-2,500.00	-2,000.00	-1,600.00	2,000.00	3,400.00	4,100.00

1. 1 lot is equivalent of 100,000 units

2. Calculations for exchange rate used as of 10:45 (GMT) 29/11/2023

Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account 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 Manager for more details

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