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Very Heavy USDCAD Option Expiry Holding Sway Ahead Of Jobs Report

CANADA
  • USDCAD has mostly kept between 1.3680-90 in recent hours, consolidating yesterday’s initial jobless claims-induced decline and with little sign of impact from the S&P 500 e-mini’s further net gains.
  • The Canadian jobs report at 0830ET gets plenty of focus after US payrolls came late week.
  • However, today’s particularly heavy option expiry offers some near-term stickiness, with $2.95bn nearby at 1.3680/85. To the upside, $1.7bn at 1.3750/70 and to the downside some $2.1bn at 1.3645/50.
  • More broadly, resistance is seen at 1.3785 (Apr 30 high) amidst a bullish trend structure whilst support is seen at 1.3634 (50-day EMA).

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