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USDCAD BINARY PUT OPTION – FEBRUARY 12TH 2015

AUD/NZD 1.04022 22:00 08.12
NZD/USD 0.71742 22:00 08.12
EUR/AUD 1.42191 22:00 08.12
CAD/JPY 86.453 22:00 08.12
NZD/JPY 81.794 22:00 08.12
AUD/USD 0.74632 22:00 08.12
AUD/JPY 85.108 22:00 08.12
GBP/JPY 142.981 22:00 08.12
EUR/JPY 120.983 22:00 08.12
USD/JPY 114.031 22:00 08.12
EUR/USD 1.06086 22:00 08.12
NZD/JPY 81.771 21:30 08.12
AUD/USD 0.74627 21:30 08.12
AUD/JPY 85.084 21:30 08.12
EUR/JPY 121.015 21:30 08.12
EUR/USD 1.06141 21:30 08.12
USD/JPY 114.011 21:30 08.12
WELLS FARGO 57.285 21:00 08.12
USD/CHF 1.01627 21:00 08.12
TOYOTA (US) 122.740 21:00 08.12
SONY 29.155 21:00 08.12
SILVER 17.011 21:00 08.12
GOLD 1170.838 21:00 08.12
COLGATE-PALMOLIVE 65.695 21:00 08.12
FIAT CHRYSLER 8.46 21:00 08.12
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By: Adam Stone
February 12th, 2015 5:34am 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 1.2625
• Downside Potential: The downside potential for this binary put option is 690 pips to 1.1935
• Upside Potential: The upside potential for this binary put option is 175 pips to 1.2800The USDCAD has moved sharply to the upside after reaching an intra-day low of 1.1934 on January 19th 2015. A surprise interest rate cut by the Bank of Canada has assisted this currency pair to reach an intra-day high of 1.2799 on January 30th 2015. A trend reversal emerged which took this currency pair down to an intra-day low of 1.2351 recorded on February 3rd 2015. The higher low allowed for the formation of an ascending support level and the USDCAD has turned around and is now being pressured by its descending resistance level.

USDCAD

Price action is currently trading just below its horizontal resistance level where further upside momentum is very unlikely. The USDCAD is anticipated to trend sideways until enough momentum for a breakdown has been accumulated. Binary options traders can benefit from the expected breakdown and likely move to the downside with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.2625 for a risk/reward ratio of 1.0/3.94.

The USDCAD was exposed to a decrease in volatility during its advance off of its ascending support level. As this currency pair is expected to trend sideways pending a breakdown an increase in volatility is anticipated. Buyers may try to force a continuation of the uptrend which is likely to be limited to its most recent intra-day high of 1.2799. Sellers are expected to take advantage of the enforced resistance level and pressure this currency pair into a breakdown and accelerated corrective phase. This favors binary put options in the USDCAD currency pair.

The first support level awaits the USDCAD at the intersection between its ascending support level and its descending resistance level around the 1.2640 mark where it currently trades. A breakdown below this important level will accelerate the USDCAD down to its intra-day low of 1.2351 which was reached on February 3rd 2015. This level marked the low of a previous move to the downside. A breakdown below this level will lead the USDCAD to its intra-day high of 1.2114 which was reached on January 20th 2015. The final support level is located at its intra-day low of 1.1934 which was recorded on January 19th 2015 from where a potential double bottom formation may emerge and halt the corrective phase.

The following economic data out of the United States is expected to impact the base currency, the US Dollar, of the USDCAD currency pair:
Advanced Retail Sales for the month of December:
• Expectations: A contraction of 0.4% is expected for the month of December
• Previous Report’s Data: A contraction of 0.9% was reported for the month of November
• Impact on the US Dollar: The expected contraction in advanced retail sales during the crucial shopping month of December is likely to pressure the US Dollar to the downside; this 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:
New Housing Price Index for the month of December:
• Expectations: A monthly increase of 0.1% is expected for December, an annualized increase of 1.7%
• Previous Report’s Data: A monthly increase of 0.1% was reported for November, an annualized increase of 1.7%
• Impact on the Canadian Dollar: The Canadian economic report is likely to be overshadowed by data released out of the United States which 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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