Analysis of HFT algorithms in the Fx market today shows that bullish trading opportunities could be provided today on this currency pair. Namely, USDCAD has already reached the light HFT buying pressure zone today which is noted at 1.3004 and below.
The overall trend on the 1-hour chart has been bullish as can be seen by the strong bullish price action on the left side of the chart. Currently, the paid has drawn a formation on the 1-hour chart that traders know as the bullish flag. This is a continuation pattern and therefore most often results in the continuation of the previous trend.
Importantly the 1.3000 key psychological level is also found in the light HFT buying pressure zone and provides additional support. USDCAD has already tested this level too so the pair may ready to continue the bullish move higher.
The 1.3035 level will be resistance, however, ahead of the light HFT selling pressure zone that is noted at 1.3061 and above. These two price levels can be used as targets on bullish positions.
USDCAD Current Trading Positions
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