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By: Adam Stone
August 29th 2014 5:25am GMT, London UK

Today’s Binary Options Trading Strategy:
• Currency Pair: USDCAD

• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 1.0850
• Upside Potential: The upside potential for this binary call option is 140 pips to 1.0990
• Downside Potential: The downside potential for this binary call option is 70 pips to 1.0780

The USDCAD reversed after recording a higher high and corrected over the span of two days to set a lower low and form a descending support line. The reversal started after the USDCAD reached an intra-day high of 1.0998 on August 25th 2014 which led this currency pair to set a lower low of 1.0828 through an intra-day low reached on August 27th 2014.


Price action has created a descending support line after forming a lower low which may be able to push the USDCAD into a stable horizontal support level. Binary options traders can take advantage from the expected move higher with binary call options. Today’s binary options trading strategy suggests call options to be placed below 1.0850 for a risk/reward ratio of 1.0/2.00.

The USDCAD has pulled back from its intra-day high of 1.0998 as hopes for stronger economic data out of Canada have prompted a rally in the Canadian Dollar. After recording a higher high the sharp reversal prompted the formation of a lower low amid a volatile trading session. Volatility is expected to remain as sellers are likely to attempt a violation of the descending support line which formed after the lower low was recorded. Any false breakdown should be taken as a better entry opportunity into a binary call option.

The anticipated move higher after the release of economic data will face its first resistance at 1.0904 which is an intra-day low reached on August 5th 2014 from where the USDCAD repeatedly managed to rally. A successful breakout will take this currency pair to the 1.0943 level which is an intra-day low reached on August 25th 2014 from where the USDCAD rallied to record a higher high prior to the sharp pullback. A continuation of the rally above this point is expected to take the USDCAD to its intra-day high of 1.0998.

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

Personal Income and Personal Spending for the month of July:

• Expectations: Personal income growth of 0.3%, personal spending increase of 0.2%
• Previous Month’s Data: Personal income growth of 0.4% in June, personal spending increase of 0.4%
• Impact on US Dollar: The slowdown in income is a negative factor for the US Dollar, but the increase in the expected savings rate may counter this; binary call options in the USDCAD currency pair remain the favorite option

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

Gross Domestic Product for the Second-Quarter of 2014:

• Expectations: Second-quarter GDP growth of 2.7% annualized
• Previous Quarter’s Data: First-quarter GDP growth of 1.2%
• Impact on Canadian Dollar: Expectations are very high for a strong reading which could disappoint traders which favors binary call 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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