CAD/HKD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy bank SA
CAD/HKD executed the slide it was supposed to, following a rising wedge a few days ago and managed to enter a channel down pattern while doing so. The pair has just broken the upper trend-line of the formation and would have to make a retracement of the broken trend-line around 5.8692. It might be the case that the rate has just made a correction that is far from the trend-line but could be enough for a surge to extend. Immediate resistance lies at 5.8913 and will open the way to 5.8989 when broken. A ranging motion could take over when the Ichimoku cloud is reached around 5.9000 but should not steal all of the momentum and will eventually let the pair soar.
© Dukascopy bank SA
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Wed, 08 Feb 2017 09:27:24 GMT

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