Daily HFT Trade Setup - USDCAD bounces at HFT buy zone!
|We are analyzing the trading activity of HFT algorithms this morning and have noticed potential buying opportunities in the USDCAD Forex pair.
USDCAD is falling toward the light HFT buying pressure zone which is today noted at 1.3285 and below. In addition, 1.3285 is a support zone because of the prior lows and the pair has already bounced off this support. This area is, therefore, a good place to look for buying opportunities, although definite buying signal such as some bullish pattern is not present yet.
The Stochastic indicator is just about to make a bullish crossover in the oversold area which would be another good bullish signal supporting a long trade here. The FxTR Improved RSII indicator is neutral at the moment and a bullish signal on it will also provide more confirmation for a potential long trade.
Traders can target the 1.3330 resistance and the light HFT selling pressure zone that is today noted at 1.3336 and above.
USDCAD Current Trading Positions
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