Today's analysis of Forex high frequency trading algorithms shows that the USDCAD pair has now reached the light HFT selling pressure zone that is located at 1.2657 and above.
The reaction here so far has been modest but there is potential for more volatility later in the day around the release of the CPI inflation report from the US.
If USDCAD sees the high here, attention will turn firstly to the 1.2615 local support zone. A break to the downside here will clear the road for USDCAD to trade toward the light HFT buying pressure zone is located today at 1.258 and below.
Don't Miss: Stay on top of the game by reading our Weekly Forex Forecast of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)