Daily HFT Trade Setup – USDCAD Moving Toward HFT Sell Zone as Volatility Awaits Later Today
Today's analysis of the activity of Fx high frequency trading algorithms shows that the USDCAD pair is coming close to reaching the light HFT selling pressure zone that is located today at 1.2490 and above.
It is likely to be an especially volatile trading session for the USDCAD pair as the US Nonfarm payrolls and Canadian jobs data will be released at the same time (12:30pm GMT / 8:30am ET).
Fx traders will be on edge looking for potential trade setups. In this regard, both bullish and bearish opportunities may be attractive depending on the USDCAD price action around the release time of Canadian jobs and the NFP.
The light HFT buying pressure zone is located today at 1.2396 and below, and will indicate a potential target area for bears as well as a potential entry area for longs.
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