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The activity of HFT Fx algorithms shows that the USDCAD may provide attractive trading opportunities in what could be a highly volatile session today.
Fx traders will keep a close eye on the BOC and Fed rate decisions later today, which will both directly impact the USDCAD pair. Thus, high volatility is almost a given, but some traders may be looking to profit from it.
For instance, USDCAD has been falling so far in today's session, now reaching the light HFT buying pressure zone is located at 1.2592 and below.
Buying interest is likely to increase here and could reverse some of the fall, even ahead of the central bank events later today.
To the upside, the light HFT selling pressure zone is noted at 1.2664 and above.
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