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By: Adam Stone
January 23rd, 2015 6:32am GMT, London UKUSDCAD

Price action is currently trading inside its horizontal resistance level, but may push slightly above it during a false breakout. The USDCAD is expected to trend sideways before attempting a breakdown and accelerated move to the downside. Binary options traders can take advantage from the anticipated breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.2375 for a risk/reward ratio of 1.0/2.60.

The USDCAD has experienced a decrease in volatility during its rapid advance and the formation of its new horizontal resistance level. The low volatility trading environment may persist during the expected sideways trend, but the anticipated breakdown is likely to be accompanied by an increase in volatility as buyers will try to keep the current uptrend intact and extend the move to new highs. Sellers are favored to force a price action reversal with a breakdown which should take the USDCAD back down to its next horizontal support level.

The first support level awaits the USDCAD at its intra-day high of 1.2114 which was reached on January 20th 2015. This level represents the high recorded prior to the surprise move by the Bank of Canada which caused a strong spike higher. A breakdown below this level will take the USDCAD to its ascending support level around the 1.2045 mark from where a further breakdown will guide this currency pair to its intra-day low of 1.1802 from where a double bottom formation may prevent an extension of the downtrend.

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

Chicago Federal Reserve National Activity Index for the month of December:

• Expectations: A reading of 0.48 is expected for the month of December
• Previous Report’s Data: A reading of 0.92 was reported for the month of November
• Impact on the US Dollar: The expected plunge in the Chicago Federal Reserve National Activity Index, one of the biggest regional Federal Reserve reports out of the US, is likely to apply downward pressure on the US Dollar which favors binary put options in the USDCAD currency pair

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

Consumer Price Index for the month of December:

• Expectations: A monthly contraction of 0.6% is expected for December, an annualized increase of 1.6%
• Previous Report’s Data: A monthly contraction of 0.4% was reported in November, an annualized increase of 2.0%
• Impact on the Canadian Dollar: The anticipated accelerated contraction in the consumer price index may be overshadowed by economic data out of the United States and the move already witnessed after the Bank of Canada announcement; 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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