(no subject)

It costs 1% of USD notional. I believe the buyer is well compensated for the knock-in component. If USDCAD rises to 1.1S the option payout is S big figures. If 1.17 trades before expiry the payout is limited to 3 big figures. Max loss is premium paid.

We can price other structures to fit the risk tolerance (higher or lower) of clients - let us know

Key Macro Highlights

The economy clearly lags the us. Dec13 unemployment unexpectedly rose last Friday to 7.2% south of the border demand for USDCAD is declining as the US heads towards energy independence

Low inflation and weak exports are likely to preclude any rate hikes in 2014

Best,
Nav

Nav Gupta
managing Director

Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management 10S/108 old Broad St (Pinners Hall), Ec2N lEN London, United Kingdom

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