The activity of HFT algorithms in the Fx market today shows that the USDCAD pair has already reached the light HFT selling pressure zone that is located at 1.3044 and above.
The price is already reacting here, and is off the highs, though a clear bearish signal has not occurred yet. This area is also technical resistance, potentially helping to attract more sellers.
Traders will watch the rising trendline for a signal that the bears are taking control here, which could suggest USDCAD could fall more notably today.
To the downside, the light HFT buying pressure zone is noted at 1.2926 and below.
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