Sterling - Canadian Dollar Spread Betting
Where Can I Spread Bet on Sterling - Canadian Dollar? |
Investors are currently able to trade Sterling - Canadian Dollar, in addition to a broad range of related spread betting markets, through companies such as:
Advert:
Sterling - Canadian Dollar Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on Sterling - Canadian Dollar with
Financial Spreads.
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Where Can I Spread Bet on Sterling - Canadian Dollar for Free? |
Trading involves a degree of risk. Nevertheless, if you'd like to open a (free) Practice Account, that allows you to trial financial spread betting, see below.
When thinking about which trading option might work for you, don't forget that in the UK, spread trading is currently exempt from capital gains tax, income tax and stamp duty*.
If you are looking for a free financial spread betting website, you should note that you are able to spread bet on Sterling - Canadian Dollar without having to pay any commissions or brokers' fees with firms like:
Should you want a Demo Account / Practice Account so you can get a better feel for online spread betting, and trading markets such as the FTSE 100, crude oil and Sterling - Canadian Dollar, then you could always look into:
Each of the above spread betting firms currently provide a risk free Test Account that lets users test trading theories, check charts and apply orders, like stop losses and guaranteed stops.
Where Can I Find Live Spread Betting Prices and Charts for Sterling - Canadian Dollar? |
The CFD trading chart and prices below offers a useful view of the Sterling - Canadian Dollar FX pair.
The above chart is provided by Plus 500 and normally tracks the near-term Sterling - Canadian Dollar futures contract (not the spot market).
If you'd like to access real time spread betting prices/charts for Sterling - Canadian Dollar, you may require a spread trading account.
Also, a spreads account would let you speculate on shorter-term daily markets. Note: Accounts are subject to credit, suitability and status checks.
If your application is accepted then, when you log in, you will be able to check the real-time charts and prices. Usually, these are provided as part of the service, however, the catch is that you will probably get the occasional call and/or letter from the relevant spread betting company.
If you do trade then, before starting, be aware that spread trading and CFDs carry a significant level of risk and you can incur losses that exceed your initial deposit.
Advanced Charting Packages for Sterling - Canadian Dollar |
Whilst charting software/packages can differ across the various firms, in order to aid your trading analysis, the charts generally come with user friendly features that include:
- An array of time intervals - 30 minutes, 4 hours, 1 week and so on
- Different chart views - candlestick and OHLC charts
- Drawing options and tools - Fibonacci Arcs, Fans and Time Zones
Charts with InterTrader also include more advanced aspects:
- BackTesting, Customisable Indicators and Optimisation tools
- Useful chart overlays - Parabolic SAR, Ichimoku Cloud, Linear Regression and so on
- Indicators - Relative Volatility Index, ADX, Commodity Channel Index and so on
- Automated email alerts that trigger when the markets reach a pre-determined level
FinancialSpreads.com FX market candlestick chart
The spread betting companies listed below offer account holders real-time trading prices and charts:
How to Spread Bet on Sterling - Canadian Dollar? |
As with many global financial markets, you can spread bet on FX rates, such as Sterling - Canadian Dollar, to go up or down.
Looking at a spread trading platform like Tradefair, we can see that they are currently valuing the Sterling - Canadian Dollar Rolling Daily market at C$1.58404 - C$1.58504. Therefore, you could spread bet on the Sterling - Canadian Dollar rate:
 Going above C$1.58504, or
 Going below C$1.58404
When spread trading on Sterling - Canadian Dollar you trade in £x per point where a point is C$0.00010 of the pairs movement. As a result, should you choose to invest £4 per point and Sterling - Canadian Dollar moves 35.0 points then that would change your bottom line by £140. £4 per point x C$0.00350 = £4 per point x 35.0 points = £140.
Rolling Daily Forex Markets
One thing to note is that this is a Rolling Daily Market which means that there is no preset settlement date for this market. If your trade is open at the end of the day, it just rolls over to the next day.
Should your forex position roll over then you'll usually be charged a small overnight financing fee. To find out more about Rolling Daily Markets read our feature Rolling Daily Spread Betting.
Sterling - Canadian Dollar Rolling Daily - Foreign Exchange Spread Trading Example |
So, if you continue with the spread of C$1.58404 - C$1.58504 and assume that:
- You have completed your forex market analysis, and
- Your research suggests that the Sterling - Canadian Dollar rate will go higher than C$1.58504
Then you may decide that you want to go long of the market at C$1.58504 and invest £4 per point.
So, you make a profit of £4 for every point (C$0.00010) that the Sterling - Canadian Dollar pair rises above C$1.58504. Nevertheless, such a bet also means that you will lose £4 for every point that the Sterling - Canadian Dollar market moves below C$1.58504.
Looked at another way, if you buy a spread bet then your P&L is calculated by taking the difference between the settlement price of the market and the price you bought the spread at. You then multiply that difference in price by the stake.
Therefore, if after a few hours the forex rate rose then you might consider closing your trade to secure your profit.
So if the market rose then the spread, determined by the spread betting firm, could change to C$1.58824 - C$1.58924. To close your trade you would sell at C$1.58824. As a result, with the same £4 stake you would make a profit of:
P&L = (Closing Value - Initial Value) x stake
P&L = (C$1.58824 - C$1.58504) x £4 per point stake
P&L = C$0.00320 x £4 per point stake
P&L = 32.0 points x £4 per point stake
P&L = £128.00 profit
Trading currencies, whether by spread betting or not, doesn't always go to plan. In the above example, you had bet that the forex rate would go up. Of course, the currency rate could decrease.
If the Sterling - Canadian Dollar market dropped then you could close your trade to limit your losses.
If the market fell to C$1.58139 - C$1.58239 then you would settle/close your trade by selling at C$1.58139. That would mean you would lose:
P&L = (Closing Value - Initial Value) x stake
P&L = (C$1.58139 - C$1.58504) x £4 per point stake
P&L = -C$0.00365 x £4 per point stake
P&L = -36.5 points x £4 per point stake
P&L = -£146.00 loss
Note - Sterling - Canadian Dollar Rolling Daily market quoted as of 18-Sep-12.
Advert:
Sterling - Canadian Dollar Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on Sterling - Canadian Dollar with
Financial Spreads.
|
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Sterling - Canadian Dollar Spread Betting' by DB, updated 16-May-13
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