USD/CAD weekly special report based on 1 Lot Calculation:
USA:
- WEDNESDAY, OCTOBER 9 AT 19:00 GMT+1: FEDERAL RESERVE (FOMC) MEETING MINUTES. The US Fed cut its rates by 50 basis points to 5.00% in September, and on Wednesday they will announce the details and transcripts regarding the decisions they made in September. The Federal Reserve is expected to cut its rates by further 25 basis points in November to 4.75%, and another 25 basis points in December to 4.50%.
- THURSDAY, OCTOBER 10 AT 13:30 GMT+1: US INFLATION (CPI) (SEPTEMBER). US Inflation continued falling in 2024, expected to show a rate of 2.3% in September, which would be the lowest since 2021. At current pace, falling inflation only supports the Fed strategy to keep cutting its benchmark interest rate in the meetings to come. This could have negative impact on the US Dollar, while the USD/CAD could fall in value.
CANADA:
- FRIDAY, OCTOBER 11 AT 13:30 GMT+1: CANADA EMPLOYMENT CHANGE (SEPTEMBER). Canada’s employment market data for September is expected to show that 33100 new jobs have been created last month, up from August’s 22100. In addition, Canada’s unemployment rate is expected to show an increase from the current 6.6% to 6.7% in September. If, however, unemployment rate remains at 6.6%, the Canadian dollar could see some boost, while the USD/CAD could fall in value.
CANADA:
- CANADIAN DOLLAR (CAD) EXPECTED TO SEE SUPPORT BY RISING OIL PRICES. The Canadian economy is one of the largest oil exporters in the world, meaning that current oil prices matter to the Canadian dollar. If oil prices rise, the oil revenues to Canada could rise, which could support its economy. This in turn could be supporting its domestic currency, the Canadian dollar. Meanwhile, oil prices have continued rising due to escalating tensions between Israel and Iran (and Iranian proxies).
USD/CAD, October 7, 2024
Current Price: 1.3595
|
USD/CAD |
Weekly |
|
Trend direction |
|
|
1.3780 |
|
|
1.3750 |
|
|
1.3710 |
|
|
1.3470 |
|
|
1.3350 |
|
|
1.3200 |
Example of calculation based on weekly trend direction for 1 Lot1
|
USD/CAD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
-1,362 |
-1,141 |
-847 |
920 |
1,804 |
2,909 |
|
Profit or loss in €2 |
-1,240 |
-1,039 |
-771 |
838 |
1,643 |
2,649 |
|
Profit or loss in £2 |
-1,041 |
-872 |
-647 |
703 |
1,379 |
2,223 |
|
Profit or loss in C$2 |
-1,850 |
-1,550 |
-1,150 |
1,250 |
2,450 |
3,950 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 13:00 (GMT+1) 07/10/2024
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.