USD/CAD risk reversals shed bullish bias

Risk reversals on USD/CAD (CAD1MRR) are currently trading at par and could flip towards USD/CAD puts (or CAD calls) if the dip below 1.32 seen at press time is followed by deeper losses toward the 200-day MA lined up at 1.3108. 

As of writing, one-month risk reversals are seen at 0.0 vs 0.10 seen nine days ago. The gauge stood at 0.4 in favor of USD/CAD calls (CAD puts) on Dec. 31. 

CAD1MRR