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The analysis of HFT algorithms' activity in today's Fx trading session shows that the USDCAD may be offering us an attractive bullish setup.
Namely, USDCAD has continued the decline overnight and in early European trading has reached (or rather touched) the light HFT selling pressure zone, located at 1.2833 and above.
The price reaction was quick and sharp. USDCAD bounced by almost 30 pips, recording a tall hourly candle that engulfs the previous almost 5 candles (see chart below). Moreover, the rebound came while our advanced FxTR overbought/oversold indicator was in the oversold area (indicator line turns green below 30).
The bulls may have taken control here now. The upside potential is toward the 1.28 round number level and then toward the light HFT buying pressure zone for today's day-trading session is located at 1.2726 and below.
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