USDCAD levelling out as option expiries cast a shadow

USDCAD option expiries at 1.2350 in play 24 Jan

As per my earlier post we have some sizeable (for this pair) contracts rolling off today at 15.00 GMT

In the wake of a steady USD-led fall to 1.2322 from 1.2410 we've now seen a few buyers reappear and my guess is the buy side of the contracts has launched some kind of defence with now less than 2 hours to go. The strategy may be to try and hold it up despite USD falls elsewhere ( as indeed we're currently seeing again) and then launch an attack into 1.2340-50 as expiry time approaches.

Just a hunch so let's see what happens but keep the level and expiry time in mind anyhow.