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The analysis of high frequency trading algorithms in the Fx market shows that the USDCAD pair is spending the session thus far in a tight range near the light HFT selling pressure zone, located today at 1.2415 and above.
The American session is likely to get much busier than we've seen so far in the European session. Retail sales data will be released from Canada, while later in the day (evening in Europe), the Fed meeting will take place.
The USDCAD is sure to get a volatility surge today, with traders left to guess for the direction of breakouts. The tight horizontal range and the HFT zones give us some price levels to watch as potential reversal and breakout levels.
To the downside, the light HFT buying pressure zone is stannding at 1.2384 and below.
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