USD/CAD weekly special report based on 1 Lot Calculation:
USA:
- 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.
- THURSDAY, OCTOBER 10 AT 13:30 GMT+1: US WEEKLY INITIAL JOBLESS CLAIMS. Last week, initial jobless claims showed an increase of 225,000, which was higher than expected 222,000. Analysts expect to see a figure of 231,000 for the past week later today, and if the number comes in higher than expected, then the US dollar could be expected to come under negative pressure.
- FRIDAY, OCTOBER 11 AT 13:30 GMT+1: US PRODUCERS’ PRICE INDEX (PPI) (SEPTEMBER). The PPI index has remained low below the mark of 2%, currently standing at 1.7%, and it continues to project lower CPI for the period to come. If the PPI index comes in lower on Friday, this could be negative for the US dollar, too.
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, an increase 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). However, the prices could decline further.
USD/CAD, October 10, 2024
Current Price: 1.3720
|
USD/CAD |
Weekly |
|
Trend direction |
|
|
1.3930 |
|
|
1.3890 |
|
|
1.3850 |
|
|
1.3580 |
|
|
1.3450 |
|
|
1.3300 |
Example of calculation based on weekly trend direction for 1 Lot1
|
USD/CAD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
-1,532 |
-1,240 |
-948 |
1,021 |
1,969 |
3,063 |
|
Profit or loss in €2 |
-1,400 |
-1,134 |
-867 |
933 |
1,800 |
2,800 |
|
Profit or loss in £2 |
-1,172 |
-948 |
-725 |
781 |
1,506 |
2,343 |
|
Profit or loss in C$2 |
-2,100 |
-1,700 |
-1,300 |
1,400 |
2,700 |
4,200 |
1. 1.00 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 07:00 (GMT+1) 10/10/2024
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.