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Canadian Natural call volume above normal and directionally bullish

Bullish option flow detected in Canadian Natural (CNQ) with 9,734 calls trading, 1.3x expected, and implied vol increasing almost 2 points to 27.66%. 1/9 weekly 32 calls and Jan-26 33 calls are the most active options, with total volume in those strikes near 8,100 contracts. The Put/Call Ratio is 0.04.

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