USD/CAD weekly special report based on 1 Lot Calculation:
CANADA:
- EVENT (WEDNESDAY, JULY 24 AT 14:45 GMT+1): BANK OF CANADA INTEREST RATE DECISION. The Bank of Canada is expected to further cut its interest rates on Wednesday. The market anticipates a rate cut from the current 4.75% down to 4.50%. That would be their second rate cut this year. If true, the Canadian Dollar then could be expected to come under negative pressure. The bank’s decision will be followed by a press conference at 15:30 GMT+1.
USA:
- EVENT (THURSDAY, JULY 25 AT 13:30 GMT+1): US GROSS DOMESTIC PRODUCT (GDP) (Q2) (first preliminary data). The US Economy grew by 1.4% in Q1 of 2024, down from 3.4% in Q4 of 2023. The market expects to see a GDP (Q2) growth rate higher than Q1’s 1.4%, which could positively support the US dollar.
- EVENT (WEDNESDAY, JULY 31 AT 19:00 GMT+1): US FDERAL RESERVE INTEREST RATE DECISION. Federal Reserve Bank will meet on July 31, to set the Fed Funds rate target. According to the most recent estimates, some analysts are expecting the Federal Reserve to hold interest rates at the current level of 5.50%
USD/CAD, July 23, 2024
Current Price: 1.3750
|
USD/CAD |
Weekly |
|
Trend direction |
|
|
1.4000 |
|
|
1.3900 |
|
|
1.3850 |
|
|
1.3660 |
|
|
1.3630 |
|
|
1.3600 |
Example of calculation based on weekly trnd direction for 1 Lot1
|
USD/CAD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
1,817 |
1,090 |
727 |
-654 |
-872 |
-1,090 |
|
Profit or loss in €2 |
1,673 |
1,004 |
669 |
-602 |
-803 |
-1,004 |
|
Profit or loss in £2 |
1,407 |
844 |
563 |
-506 |
-675 |
-844 |
|
Profit or loss in C$2 |
2,500 |
1,500 |
1,000 |
-900 |
-1,200 |
-1,500 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 13:12 (GMT+1) 23/07/2024
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.