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This morning's analysis of the activity of high-frequency trading algorithms on the USD/CAD pair shows that the bears are in control, and the price may soon reach the light HFT buying pressure zone that is noted today at 1.278 and below.
The trend has been mixed recently, so it will come as no surprise if USD/CAD bounces later in the session and remains in the range. Yesterday's and Friday's lows at 1.2760 and 1.2740 provide additional support in the 1.2750 support area.
The light HFT selling pressure zone, which is located at 1.2883 and above, may be used for determining targets on long USD/CAD positions.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)
