USDCAD has failed above 1.2900 with option interest at 1.2850 in play 28 March
As per my regular options update there's very large option expiry interest today at 1.2850 with smaller interest at 1.2870.
No surprise or coincidence then to see a retracement from 1.2910 to current levels of 1.2875 with the retreat also be helped by CADJPY demand.
The options roll off at 14.00GMT/10.00EST and we should expect continued support but not rule out the other side launching a further attack or keeping a lid on it until a move later.
Remember these are vanilla options and in play right up until expiry even if breached in the meantime, such as through the US GDP data, 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
