We still think the Canadian is making a major bottom but that might not appear to be the case over the coming two trading sessions. In fact, a return to 87.34 in the December Canadian is likely in the face of anything decent from US payrolls. However, as in the Pound we think sellers of the Canadian are assuming too much risk for the potential reward. Therefore, position players should consider buy March call options on a return to or below the November low.
