. Compare the forward premium calculated above to the forecasts made by the "experts"included in the FXstreet website. Is the direction the same? What factors do you think the analysts used to develop their own forecasts? Include the ACTUAL spot values for the pair one week and 1 month after the initial forecast. Which of the experts was closest to the actual value ?

Forward Rates
https://www.investing.com/rates-bonds/forward-rates
Name	Bid	Ask	High	Low	Change	Time
USDCAD ON FWD	-0.313	-0.163	-0.05	-0.18	-0.263	22:05:00
USDCAD TN FWD	-0.13	-0.06	-0.11	-0.087	-0.01	22:06:00
USDCAD SN FWD	-0.12	-0.06	-0.12	-0.06	0	22:00:00
USDCAD SW FWD	-0.87	-0.41	-0.61	-0.61	-0.05	22:06:00
USDCAD 2W FWD	-1.49	-1.21	-1.43	-1.29	-0.04	22:06:00
USDCAD 3W FWD	-2.2	-1.76	-2.05	-1.88	0.03	22:06:00
USDCAD 1M FWD	-3.1	-2.49	-2.8	-2.77	-0.17	22:06:00
USDCAD 2M FWD	-7.4	-6.86	-6.85	-6.86	-0.11	22:05:00
USDCAD 3M FWD	-11.32	-10.61	-11.1	-10.76	-0.03	22:06:00
USDCAD 4M FWD	-15.9	-13.56	-15.06	-14.76	-0.36	22:05:00
USDCAD 5M FWD	-20.52	-18.01	-19.38	-18.9	-0.28	22:06:00
USDCAD 6M FWD	-26.23	-23.67	-25.2	-24	-0.52	22:06:00
USDCAD 7M FWD	-31.15	-28.61	-30.25	-29.05	-0.7	22:05:00
USDCAD 8M FWD	-37.18	-34.56	-36	-34.75	-0.93	22:05:00
USDCAD 9M FWD	-43.06	-39.44	-41.81	-40.3	-0.76	22:06:00
USDCAD 10M FWD	-50.44	-43.77	-47.56	-46.24	-0.22	22:06:00
USDCAD 11M FWD	-56.24	-51.76	-54.78	-55.5	0.46	22:06:00
USDCAD 1Y FWD	-63.72	-59.25	-61.43	-59.52	-0.94	22:06:00
USDCAD 15M FWD	-84.42	-78.13	-82.5	-78.77	2.71	22:05:00
USDCAD 21M FWD	-130.66	-120.59	-123.5	-120.72	3.6	22:06:00
USDCAD 2Y FWD	-156.1	-143.39	-150	-145	-1.1	22:06:00
USDCAD 3Y FWD	-263.5	-218.5	-263.3	-218.5	-0.3	22:02:00
USDCAD 4Y FWD	-353	-295	-352.5	-295	14.21	22:04:00
USDCAD 5Y FWD	-430.5	-355.5	-430.5	-356	-37.5	22:06:00
USDCAD 6Y FWD	-501	-396	-500	-396	0	22:04:00
USDCAD 7Y FWD	-526.04	-406.04	-526.04	-406.04	0.78	22:03:00
USDCAD 8Y FWD	-587	-407	-587	-408	2	22:02:00
USDCAD 9Y FWD	-610	-380	-610	-381	2	22:02:00
USDCAD 10Y FWD	-632.39	-332.39	-627	-332.39	0.67	22:03:00
USDCAD 12Y FWD	-712	-112	-711	-114	1	22:06:00
USDCAD 15Y FWD	-654	446	0	0	0	05/12
USDCAD 20Y FWD	-923	577	-921	577	2	22:06:00

	Basic information for this currency pair			USD/CAD
	Direct pair (Y/N)	N
		BId	Ask
	Indirect price (beginning)	1.3022	1.3024
	Direct price (beginning)	0.767813	0.767931	2/3/2017	DC1 date
	Pip converter (100 or 10000)
	10000
	1) Use the forward quotes for 12M to develop a one year numeric forecast for the direction of the pair
	USDCAD 1Y FWD	-63.72	-59.25	-61.43	-59.52	-0.94	22:06:00
	USD/CAD	1.3022	1.3024
	Average fwd points (12M)	-61.485
	Point adjustment factor	10000
	Avg spot	2.6046	1.3023
	Avg forward	2.5984515	1.2961515
	Forward premium/discount for primary currency
	S/F-1	0.24%	0.47%
	2) Use the CME future market to develop a one-year forecast for the direction of the pair
	Month	Open	High	Low	Last	Change	Settle	Estimated Volume	Prior Day Open Interest
	MAR 17	0.76785	0.76995	0.7646	0.76805	+.00040	0.76815	48595	113903
	JUN 17	0.76835	.77060B	0.7658	0.7688	+.00040	0.76895	260	2389
	SEP 17	0.7707	.77120B	.76760A	.76910A	+.00040	0.76985	7	480
	DEC 17	-	.77225B	.76900A	.77065A	+.00030	0.77085	0	961
	MAR 18	-	.77310B	.77090A	.77255A	+.00035	0.7721	0	15
	JUN 18	-	.77365B	-	.77365B	+.00030	0.7734	0	7
	SEP 18	-	-	-	-	+.00030	0.7747	0	4
	DEC 18	-	-	-	-	+.00025	0.776	0	2
	The foreign currency is expected to move	0.58%	0.51%
	3)Use the LIBOR rates to develop a one year forecast for the direction of the pair
		2/3/2017	2/2/2017	2/1/2017	1/31/2017	1/30/2017
	USD LIBOR - 12 months	1.71%	1.71233 %	1.71511 %	1.71344 %	1.72483 %
		Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	CAD 3m	0.96%	0.96%	8.95%	0.43%	1992 - 2017	percent	Daily
	Approximation Rh-Rf	0.7534%
	Exact formula (1+Rh)/(1+Rf) - 1	0.7463%
	4) Using the three forecasts, calculate the expected movement for the foreign currency and for the pair
	Three Forecasts
		Forward premium/discount	0.24%	0.47%
		Futures expected movement	0.58%	0.51%
		Interest rate effect	0.746%	0.746%
		Average	0.521%	0.578%
	In the following year, CAD is expected to move 0.5xx% against the USD. Given that the pair is indirect, the forecast for the USD/CAD pair is expected to move down.
	5) Calculate the annual forward premium for the foreign currency using the following time intervals: 1 week, 2 weeks, 1 month, 2 months 3 months and 6 months. Identify the direction for the foreign currency and compare to the average forecast reported above
				Average	Days	F	F	annualised S/F - 1	annualised S/F - 1
	USDCAD SW FWD	-0.87	-0.41	-0.64	7	2.604536	1.302236	-2571.37%	0.68%
	USDCAD 2W FWD	-1.49	-1.21	-1.35	14	2.604465	1.302165	-1285.65%	1.43%
	USDCAD 1M FWD	-3.1	-2.49	-2.795	30	2.6043205	1.3020205	-599.94%	2.97%
	USDCAD 2M FWD	-7.4	-6.86	-7.13	60	2.603887	1.301587	-299.92%	7.57%
	USDCAD 3M FWD	-11.32	-10.61	-10.965	90	2.6035035	1.3012035	-199.92%	11.65%
	USDCAD 6M FWD	-26.23	-23.67	-24.95	180	2.602105	1.299805	-99.90%	26.56%