One-month risk reversal on USD/CAD, a measure of the spread between call and put prices, rises for three consecutive days, not to forget posing the strongest bullish bias in four weeks, according to data source Reuters. 

A call option gives the holder the right but not obligation to buy the underlying asset at a predetermined price on or before a specific date. A put option represents a right to sell. 

That being said, the daily difference between them prints a three-day uptrend to +0.017 at the latest while the weekly print eyes for the first positive of +0.025 after three red figures in a row heading into Thursday’s European session, per Reuters.

While options market scenario backs USD/CAD bulls, risk-on mood and firmer oil prices keep the quote pressured around the monthly low, down 0.05% intraday near 1.2585 at the latest.

Read: USD/CAD remains below 1.2600 on oil recovery, BOC’s Macklem eyed

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