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We are analyzing high frequency trading algorithms' activity this morning and note the USDCAD pair may provide attractive trades from the bullish side.
USDCAD is sliding on this first day of the new week, down about 50 pips from the open. However, the question is can the decline extend much lower, or will buyers lift the pair?
Namely, the light HFT buying pressure zone is today noted at 1.2486 and below. This area is likely to attract buyers. In addition, Friday's and Thursday's reversals also come in at the same area, which will likely strengthen buying pressures.
To the upside, the light HFT selling pressure zone today is located at 1.2586 and above.
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