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The analysis of high frequency trading algorithms this morning shows that the USDCAD pair has reached the light HFT selling pressure zone that is located today at 1.2391 and above.
The HFT selling zone is an area where more sellers are likely to enter the market, and therefore, could precipitate a reversal down in the price. USDCAD may be near to forming a high for the day in this area, and traders will look for a move below the 1.2380 low for confirmation that this is happening.
Further to the downside, the 1.2350 lows and the light HFT buying pressure zone, which is located today at 1.233 and below, would be areas of interest for bears to target with short positions.
