Daily HFT Trade Setup – USDCAD Retracing Toward HFT Sell Zone

The activity of HFT algorithms this morning shows that the USDCAD pair could provide trading opportunities from the short side. Namely, USDCAD is retracing between the two light HFT zones ahead of a potentially volatile Fx trading session that features the Bank of Canada meeting and the release of the ISM manufacturing PMI report from the US.

The light HFT selling pressure zone is noted at 1.2676 and above. Given the dominant downtrend on larger timeframes, Fx traders may be inclined toward short trade setups. Hence, looking to enter shorts toward this HFT sell area could prove a successful strategy.

The light HFT buying pressure zone is today located at 1.2619 and below.