Forex Orders

Soggy Canadian GDP not good for the loonie but not the whole story 29 March

The weaker readings albeit tempered by some upward revision, saw the algos send USDCAD to 1.2941 session/recent highs but now 1.2915.

Large option expiry interest at 1.2950 is providing a cap as I highlighted earlier and we can expect this to continue until expiry time at 14.00GMT/10.00EST. We shouldn’t however rule out another attack higher as the clock ticks down. Timing of these defences can be crucial dependent on prevailing sentiment.

Remember these are vanilla options and in play right up until expiry even if breached in the meantime unlike barrier options which cease to be once broken.

For more info on how to use this all data, please refer to my post here

I’m heading away now for the week-end. I wish you a good month-end session which could turn out to be a lively one. Keep an eye on the 15.00 GMT fix but some of the need will have been filled already.


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