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USDCAD BINARY PUT OPTION – JANUARY 9TH 2015

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By: Adam Stone
January 9th, 2015 5:45am GMT, London UKjan092015

Price action is now trading sideways inside its horizontal resistance level where buying pressure is escaping. The USDCAD is anticipated to attempt a breakdown and reverse its most recent gains through an accelerated move to the downside. Binary options traders can profit from the expected breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.1810 for a risk/reward ratio of 1.0/2.72.

Volatility has decreased sharply during the advance and upward momentum is eroding inside its newly formed horizontal resistance level. An increase in volatility is expected to accompany the anticipated breakdown as buyers will step in and attempt to halt a sustained move to the downside. This move is not likely to materialize until price action will approach its ascending support level. Sellers are expected to take advantage of the deflated upward momentum and force a breakdown in the USDCAD. This favors binary put options in the USDCAD currency pair.

The USDCAD will face its first support level at its intra-day low of 1.1730 which was reached on January 6th 2015. This level represents the previous low of a drift to the downside from where a price action reversal recorded a higher high. In addition this level is where the ascending support level will meet price action. A breakdown below this level will take the USDCAD to its intra-day high of 1.1667 which was recorded on December 23rd 2014. The final support level is located at its intra-day low of 1.1564 which was reached on December 31st 2014.

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

Non-Farm Payroll Report for the month of December:

• Expectations: An increase of 240,000 jobs is expected for the month of December, an unemployment rate of 5.7%
• Previous Report’s Data: An increase of 321,000 jobs was reported for the month of November, an unemployment rate of 5.8%
• Impact on the US Dollar: The anticipated slowdown in the NFP headline figure 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:

Employment Report for the month of December:

• Expectations: An increase of 15,000 jobs is expected for the month of December, an unemployment rate of 6.6%
• Previous Report’s Data: A contraction of 10,700 jobs was reported for the month of November, an unemployment rate of 6.6%
• Impact on the Canadian Dollar: The expected increase in December’s employment data may suffice to force the Canadian Dollar into a price action reversal 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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