Daily HFT Trade Setup – USDCAD Tests HFT Sell Area & Top of Trading Range
We are analyzing the activity of high frequency trading algorithms this morning and note that the USDCAD pair may offer attractive trade setups from the short side.
Namely, USDCAD reached the light HFT selling pressure zone earlier today, which is standing at 1.2308 and above. The upward move stopped here as new sellers are entering the market at these levels.
The hourly timeframe also shows us that USDCAD is in the overbought area, as identified by the FxTR advanced overbought/oversold indicator (see chart below).
The downside potential is seen toward the light HFT buying pressure zone that is found today at 1.2255 and below.
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