Daily HFT Trade Setup – USDCAD Turns & Declines After Testing HFT Selling Pressure Zone
We are analyzing high-frequency trading algorithms' activity on the USDCAD currency pair and note that potential opportunities from the short side may be provided here in today's trading session.
USDCAD reached the light HFT selling pressure zone - standing today at 1.2681 and above - and reversed there. The bears were able to extend the move and the sell-off is now continuing on intraday charts.
It's worth noting that the reversal and decline in USDCAD also come from overbought conditions on the advanced FxTR overbought/oversold indicator (line below the candle bars).
The bears may aim for the 1.26 round number support zone as a target today. Slightly lower, the light HFT buying pressure zone is located now at 1.2586 and below.
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