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We are analyzing the activity of high frequency Fx trading algorithms this morning and note that the USDCAD pair may provide potential attractive opportunities from the short side in today's session.
Namely, USDCAD this morning pushed into the light HFT selling pressure zone that is located today at 1.2581 and above. The advance has stalled here, but the bullish attempt is not yet rejected or reversed.
The bears will probably seek greater confirmation for a reversal before entering a trade. For instance, another potential bearish sign at this juncture is the FxTR overbought/oversold indicator which shows that USDCAD is in the overbought area on the hourly chart at the moment.
The light HFT buying pressure zone is noted today at 1.2519 and below.
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