USD/CAD weekly special report based on 1 Lot Calculation:
CANADA:
- BANK OF CANADA CUT INTEREST RATE CUT CYCLE AT THE FASTEST AMONG OTHER CENTRAL BANKS: The Bank Of Canada cut its rates from 3.75% to 3.25% on December 11, 2024. This was their fifth rate cut this year. In total, interest rates have decreased by 1.75% points in 2024 only, from 5.00% down to the current 3.25%. In comparison, the US Federal Reserve has only cut rates three time this year, in total sending their rates down by 1.00% point (from 5.50% to the current 4.50%). The pace of rate cuts in Canada could keep the Canadian dollar under negative pressure in the coming period.
- NEXT BANK OF CANADA MEETING: Bank Of Canada will meet next on January 29, 2025.
- NEWS: CANADA ENTERS A DEEPER POLITICAL CRISIS, PRESSURING PRIME MINISTER JUSTIN TRUDEAU TO RESIGN. Deputy Prime Minister and Finance Minister Chrystia Freeland has resigned. Following the resignation of Chrystia Freeland and other cabinet officers, Canadian Prime Minister Justin Trudeau faces increasing pressure to step down, with calls for his resignation emerging from within his own Liberal Party. Parliament is now shut for the holidays until late next month, but the leftist New Democratic Party said Friday that it would trigger a vote of no confidence in Trudeau after lawmakers reconvene on January 27.
USA:
- EVENT: PRESIDENT DONALD TRUMP TAKES OFFICE JANUARY 20, 2025: The US dollar could be expected to come under upward pressure due to expectations that Trump's policy over "Make America Great Again" will protect the US economy and strengthen the status of “Global Reserve Currency” of the US DOLLAR.
USD/CAD December 26, 2024
Current Price: 1.4380
|
USD/CAD |
Weekly |
|
Trend direction |
UP |
|
Resistance 3 |
1.4850 |
|
Resistance 2 |
1.4700 |
|
Resistance 1 |
1.4550 |
|
Support 1 |
1.4240 |
|
Support 2 |
1.4160 |
|
Support 3 |
1.4100 |
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 $ |
3,267.35 |
2,224.58 |
1,181.81 |
-973.25 |
-1,529.40 |
-1,946.50 |
|
Profit or loss in €2 |
3,141.49 |
2,138.89 |
1,136.28 |
-935.76 |
-1,470.48 |
-1,871.52 |
|
Profit or loss in £2 |
2,607.10 |
1,775.05 |
942.99 |
-776.58 |
-1,220.34 |
-1,553.16 |
|
Profit or loss in C$2 |
4,700.00 |
3,200.00 |
1,700.00 |
-1,400.00 |
-2,200.00 |
-2,800.00 |
-
1.00 lot is equivalent of 100,000 units
-
Calculations for exchange rate used as of 12:00 (GMT) 26/12/2024
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 detail