Daily HFT Trade Setup – USDCAD Rejected at HFT Sell Zone as BOC Meeting Looms

We are analysing the activity of high frequency trading algorithms in the Fx market this morning and note that the USDCAD pair has reached the light HFT selling pressure zone that is located at 1.2693 and above.

The price already reacted well here and the bears rejected the bull's attempt to move higher.

The HFT sell zone and the rejection here could prove particularly important ahead of the key risk event later today - the Bank of Canada meeting and rate decision.

To the downside, USDCAD traders will watch the light HFT buying pressure zone, which is located at 1.2557 and below.

Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)