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The analysis of high frequency Fx trading algorithms today shows that the USDCAD could offer trade setups from the long side around the light HFT buying pressure zone in case the price reaches it. This HFT zone is located today at 1.2321 and below.
The economic calendar also features high-impact events, such as the Canadian CPI data later today. It's a volatile report usually, so the price reaction on USDCAD can be quite wild, but this can provide big opportunities just as much.
Upisde bearish forces are likely to get stronger toward the light HFT selling pressure zone that is found at 1.2393 and above.
Fx traders can potentially trade this pair from both the bullish and bearish sides, depending on the outcome of the CPI report and possible subsequent price reaction at one of the HFT zones.
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