Canadian Dollar FX trader
(Action Economics) - 22-Jan-13 17:47 - USD-CAD revisited 0.9946 highs, but traded no higher due to a congestion of sell orders.
The lack of movement around the 0.9945 area has been pinned on option related activity.
There are rumors that 0.9950 could be an options level and there are are confirmed barriers at 0.9975 and 1.0000 that will be well defended.
We anticipate sideways to slightly higher levels in the very short term, with last Friday's break higher still supporting via positive short term indicators.
However, positions are still likely to remain lower than average ahead of the BoC policy meeting.
Longs are only likely to be at risk if support at 0.9900-10 gives way.
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