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By: Adam Stone
September 23rd 2014 6:43am GMT, London UK

Today’s Binary Options Trading Strategy:

• Currency Pair: USDCAD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 1.1030
• Downside Potential: The downside potential for this binary put option is 140 pips to 1.0890
• Upside Potential: The upside potential for this binary put option is 70 pips to 1.1100

The USDCAD has experienced a volatile trade over the past sixteen trading days which caused price action to form a head-and-shoulders pattern, a bearish chart pattern which points towards a reversal in the current trend. The USDCAD has reached an intra-day high of 1.1099 on September 15th 2014 after rallying from an intra-day low of 1.0810 which it recorded on August 29th 2014. Besides the imperfect head-and-shoulders pattern the USDCAD also formed a triple top formation which further signals a potential reversal of the current move higher.
Price action is currently trading at a very strong triple top horizontal resistance level from where it is expected to be forced back down to its ascending support line for a further breakdown. Binary options traders can benefit from the expected trend reversal with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.1030 for a risk/reward ratio of 1.0/2.00.

USDCAD with binary options 2014-23-9.JPG

Volatility is likely to remain elevated or increase as buyers and sellers will attempt to force the next move in this currency pair. Sellers will try to use the bearish chart formation as a platform to force a breakdown and sustainable move lower while buyers are expected to push the USDCAD higher in order to void the bearish chart pattern and at tot the most recent advance. It is unlikely that the USDCAD will sustain upward momentum for an extended period of time which favors binary put options in the USDCAD currency pair.
The first support level for the expected correction awaits the USDCAD at the psychological important 1.1000 level from where a breakdown is expected to take this currency pair down to the 1.0933 level which is an intra-day low reached on September 10th 2014 where a previous correction was reversed higher. A successful breakdown below this level will take the USDCAD to the 1.0886 level which is an intra-day low reached on September 19th 2014 which also repelled a previous correction.

The following economic data out of the United States is expected to impact the base currency, the US Dollar, of the USDCAD currency pair:

Markit Manufacturing PMI for the month of September:

• Expectations: Markit Manufacturing PMI at 58.0 for the month of September
• Previous Month’s Data: Markit Manufacturing PMI at 57.9 for the month of August
• Impact on the US Dollar: The PMI reading may fall short of expectations if yesterday’s US data is a guide which favors binary put options in the USDCAD currency pair

In addition the following economic report out Canada is expected to impact the quote currency, the Canadian Dollar, of the USDCAD currency pair:

Retail Sales for the month of July:

• Expectations: An increase 0.5% monthly, excluding automobile sales a reading of 0.0%
• Previous Month’s Data: An increase 1.1% monthly was reported for the month of June, excluding automobile sales an increase of 1.5%
• Impact on the Canadian Dollar: The continued increase in retail sales may provide enough reason for a rally in the Canadian Dollar; this favors binary put options in the USDCAD 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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