CAD/HKD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following successful bounce back from the upper-boundary of the channel down, the currency pair started trading sideways along the upper boundary, taking into account rather small slope of the trend-line. Still, the Canadian Dollar has a good potential to decline value, even though from the downside it is limited by considerable support level at 6.93 (weekly pivot point; major level and daily S1). In case of breach of this support line, we can expect the pair to plunge down to daily S2 at 6.9067. The idea is supported by 70% of market participants. Meanwhile, technical indicators send mixed signals, with only long-term ones forecasting the bearish scenario for the pair.
© Dukascopy Bank SA
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Wed, 08 Oct 2014 13:43:04 GMT

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