CAD/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is trading simultaneously in three descending channel patterns against the Swiss Franc. However, clues indicate that the currency exchange rate is about to surge in the near future. The pair has reached the lower trend line of the dominant, large scale descending channel. After two attempts to pass it the currency pair rebounded, and most recently the Loonie passed the resistance of the 50.00% Fibonacci retracement level at 0.7491 against the Franc. The retracement levels on this pair are measured by connecting the 2016 November 3 low level and the December 12 high level. It is most likely that soon new short term and medium term patterns will reveal themselves, as the pair surges.
© Dukascopy Bank SA
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