Circle of Protection: Red

{1}: The next time a red source of your choice would deal damage to you this turn, prevent that damage.

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Can be used even when there is no damage to prevent. It prevents the next damage (if any) from the source this turn.

A source of damage is a permanent, a spell on the stack (including one that creates a permanent), or any object referred to by an object on the stack. A source doesn’t need to be capable of dealing damage to be a legal choice.