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We are analyzing the activity of high frequency trading algorithms this morning and note that the USDCAD pair may provide attractive trade setups from the long side in the current session.
USDCAD earlier reached the light HFT buying pressure zone that is today noted at 1.2473 and below. The price briefly entered the HFT buy zone and then quickly reversed, closing with a bullish hammer pattern on the hourly chart.
Some USDCAD bulls may already see this as a buy signal, while others may want to wait for more confirmation, particularly given the preceding downward trend.
The light HFT selling pressure zone for USDCAD today is located at 1.2558 and above.
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