CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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USD/CAD

Special Reports - 05/12/2024

05 December, 2024

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.

USD/CAD weekly special report based on 1 Lot Calculation:

EVENTS:

CANADA:

  • EVENT (FRIDAY, DECEMBER 6 AT 13:30 GMT): CANADA UNEMPLOYMENT RATE (NOVEMBER): Canada Unemployment rate is expected to stay at 6.5%, which would reflect unimproved economic conditions.

  • EVENT (WEDNESDAY, DECEMBER 11 AT 14:45 GMT): BANK OF CANADA INTEREST RATE DECISION (NOVEMBER): The Bank of Canada is expected to cut interest rates to address slowing economic growth and declining oil prices, a move that will likely weaken the CAD and support an upward trend in USD/CAD. The previous interest rate set by the BoC was 3.75% on October 23.

USA:

  • FRIDAY, DECEMBER 6, AT 13:30 GMT: US NONFARM PAYROLS & UNEMPLOYMENT RATE (NOVEMBER): Strong payroll growth or a lower unemployment rate could bolster the USD, reinforcing expectations of a resilient labor market. The unemployment rate is expected to show an increase to 4.2% from the previous 4.1%.

  • WEDNESDAY, DECEMBER 11, AT 13:30 GMT: U.S INFLATION (CPI) (NOVEMBER): The U.S is scheduled to report its CPI figure for the month of November. The CPI inflation data from last month of October came out at 2.6%, up from the 2.4% in September. If it comes above the recent 2.6%, the US Dollar may face upward pressure.

  • WEDNESDAY, DECEMBER 18, AT 19:00 GMT: US FEDERAL RESERVE INTEREST RATE DECISION: The Fed is expected to cut interest rates, signaling a shift toward stimulating economic growth. The current rate is at 4.75%.

USD/CAD, December 5, 2024
Current Price: 1.4058

USD/CAD

Weekly

Trend direction

UP

Resistance 3

1.4500

Resistance 2

1.4350

Resistance 1

1.4200

Support 1

1.3930

Support 2

1.3850

Support 3

1.3750

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 $

3,144.12

2,077.11

1,010.10

-910.51

-1,479.58

-2,190.92

Profit or loss in €2

2,986.58

1,973.04

959.49

-864.89

-1,405.45

-2,081.15

Profit or loss in £2

2,471.25

1,632.59

793.93

-715.66

-1,162.94

-1,722.04

Profit or loss in C$2

4,420.00

2,920.00

1,420.00

-1,280.00

-2,080.00

-3,080.00
  1. 1.00 lot is equivalent of 100,000 units
  2. Calculations for exchange rate used as of 10:00 (GMT) 5/12/2024

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.

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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. 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. See full risk warning

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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Risk Warning and Disclaimer: CFDs are complex and highly speculative instruments, which come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your invested capital.

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