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We are analyzing high frequency trading algorithms today and note that the USDCAD bearish trend has now reached the light HFT buying pressure zone that is located at 1.2593 and below.
The price reacted modestly here initially after touching the HFT buy zone, but USDCAD is now making another bearish attempt at it. The bulls will watch the falling trendline (see chart) for a potential confirmation signal of a reversal.
A bullish breakout could mean that USDCAD will rebound today, potentially toward the light HFT selling pressure zone is noted today at 1.2679 and above.
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