CAD/HKD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 212-bar long triangle was formed on the July 5, when the pair soared from 7.31, currently represented by a Fibonacci retracement. Despite the fact that the pair is changing hands at the level around the resistance line, and usually it will be a "sell" signal, the pair is widely expected to penetrate the level of 7.4831. This idea is supported by aggregate technical indicators on 1H and 1D charts, as well as 71% of all opened positions are long, adding to signs market participants are bullish on the pair. In case of a breakout, higher prices can be expected, making the pair attractive for trade.
© Dukascopy Bank SA
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