CAD/HKD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Latest developments on the hourly chart of CAD/HKD confirm the descending triangle to be a continuation pattern. Before entering the formation the market was notably bullish, and only after the currency pair had covered three and a half figures, the resistance at 0.8160 managed to stop the appreciation and the figure was initiated. Accordingly, the risks were skewed in favour of a break-out to the upside, and this has just turned out to be true, as neither the weekly pivot point nor the 200-hour SMA were able to negate the upward momentum. The rate has already reached the first target at 0.8044 (Apr 21 high), but it may potentially climb up to 0.8160, the peak seen on Apr 4.

© Dukascopy Bank SA
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