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- Despite a quieter options market backdrop, demand for CAD hedges remains firm as spot CAD holds close to the recent cycle peak. Notable trades Tuesday included sizeable interest in C$1.17 USD/CAD puts, which traded at the NY crossover. The positions eye an end-September expiry, thereby capturing the next three Bank of Canada rate decisions.
- The CAD upside protection comes alongside further skew in oil options markets toward expectations of further price gains. Sep-21 $75/bbl WTI call options have more than tripled in price since the beginning of the year, suggesting that markets continue to demand reflation-style hedges in both oil and CAD markets.
- MNI eye key technical support for USD/CAD at 1.2062 that will potentially either reinforce the current medium-term bear leg if breached or lead to a reversal if the support manages to contain CAD strength.