CAD/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Canadian currency is nearing the upper trend-line of the pattern, meaning that the pair's development may experience some changes in the nearest future. Similar to EUR/AUD cross, the only barrier for CAD/HKD to reach this level is the 55-period SMA, located at 6.9192. Meanwhile, the upper boundary  is supported by 100-period SMA and weekly pivot point around 6.9350-90. Technical studies on a short time-frame are supporting the present bullish move, while daily ones expect the pair to bounce back from the considerable resistance line and lose value inside boundaries of the channel down pattern. Market participants support the last scenario in more than 62% of all cases.
© Dukascopy Bank SA
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