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USD/CAD BINARY OPTIONS ANALYSIS – JULY 15TH 2015

GBP/USD 1.25030 20:50 23.01
ALIBABA 98.255 20:45 23.01
GBP/USD 1.25057 20:40 23.01
BitCoin/CNY 6351.435 20:30 23.01
WELLS FARGO 54.405 20:30 23.01
TOYOTA (US) 118.250 20:30 23.01
COLGATE-PALMOLIVE 67.585 20:30 23.01
FERRARI 61.165 20:30 23.01
TSX 60 916.940 20:30 23.01
ALIBABA 98.210 20:30 23.01
BOEING 157.820 20:30 23.01
AUD/USD 0.75746 20:30 23.01
AUD/JPY 85.603 20:30 23.01
GBP/USD 1.25058 20:30 23.01
GENERAL ELECTRIC 29.645 20:30 23.01
S&P 500 2264.620 20:30 23.01
JP MORGAN CHASE 83.745 20:30 23.01
SILVER 17.171 20:30 23.01
AIG 65.535 20:30 23.01
USD/CAD 1.32506 20:30 23.01
GOLD 1215.815 20:30 23.01
DOW 19792.84 20:30 23.01
AUD/CAD 1.00366 20:30 23.01
DOLLAR INDEX-MAR17 100.135 20:30 23.01
3M 178.245 20:30 23.01
GOLD VS SILVER 70.8022 20:30 23.01
CITIGROUP 55.895 20:30 23.01
CITIGROUP VS AIG 0.85303 20:30 23.01
McDONALD'S 121.320 20:30 23.01
LAS VEGAS SANDS 55.485 20:30 23.01
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By: Adam Stone
July 15th, 2015 5:22am GMT, London UK

Today’s Binary Options Trading Strategy:

Currency Pair: USD/CAD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 1.2720
• Downside Potential: The downside potential for this binary put option is 590 pips to 1.2130
• Upside Potential: The upside potential for this binary put option is 280 pips to 1.3000

The USD/CAD has advanced sharply after reaching its intra-day low of 1.2127 on June 18th 2015 and a narrow rising wedge formation emerged. This currency pair may be nearing the end of its move to the upside as its bearish chart pattern has now merged with a newly formed horizontal resistance level. The USD/CAD started to drift lower after recording its intra-day high of 1.2803 yesterday on July 14th 2015. The horizontal resistance level is located inside of its rising wedge formation and the USD/CAD may trade sideways until the ascending support level approaches this currency pair.

USD/CAD Binary Options Analysis

Price action is currently trading inside of its horizontal resistance level from where further upside momentum is fading away. The USD/CAD is anticipated to breakdown below its rising wedge formation from where it can accelerate to the downside. Binary options traders can benefit from the expected breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.2720 for a risk/reward ratio of 1.0/2.11.

The USD/CAD was exposed to a trading environment which featured a contraction in volatility as price action advanced inside of its rising wedge formation. Binary option traders who are looking into put option trading should account for an increase in volatility as the horizontal resistance level is increasing downward pressure inside of its rising wedge formation. Buyers are likely to attempt a breakout above its ascending resistance in order to extend the advance. Sellers are favored to force a breakdown below its ascending support level from where the USD/CAD can accelerate to the downside.

The first support level, after a successful breakdown below its ascending support level of its rising wedge formation, is located at its intra-day high of 1.2633 which was reached on July 2nd 2015. This level represents the high of a previous price spike. A breakdown below this level will take the USD/CAD to its intra-day low of 1.2303 recorded on June 29th 2015. This level marks the last time its ascending support level reversed a drift to the downside. The final support level awaits the USD/CAD at its intra-day low of 1.2127 which was reached on June 18th 2015.

The following economic data out of the United States is expected to impact the base currency, the US Dollar, of the USD/CAD currency pair:
Industrial Production & Manufacturing Production for the month of June:
• Expectations: An increase of 0.2% in industrial production is expected for the month of June, an increase of 0.1% in manufacturing production
• Previous Report’s Data: A contraction of 0.2% in industrial production was reported in the month of May, a contraction of 0.2% in manufacturing production
• Impact on the US Dollar: The expected increase in industrial production as well as manufacturing production may not suffice to apply upward pressure on the US Dollar; this favors binary put options in the USD/CAD currency pair

In addition the following economic report out of Canada is expected to impact the quote currency, the Canadian Dollar, of the USD/CAD currency pair:
Bank of Canada Interest Rate Announcement:
• Expectations: An Interest rates cut of 25 basis points to 0.50%
• Previous Interest Rate Announcement: Interest rates remained unchanged at 0.75%
• Impact on the Canadian Dollar: The anticipated statement out of the Bank of Canada following the interest rate cut is likely to pressure the Canadian Dollar to the upside which favors binary put options in the USD/CAD currency pair

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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