CAD/HKD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar recently broke out of a large scale but rather week ascending channel against the Hong Kong Dollar. The breakout occurred in a small scale falling wedge pattern on the hourly chart. In the moment of the breakout the currency exchange rate fell sharply until it encountered a strong support cluster. The support cluster was made up of the wedge's lower trend line and a 50.00% Fibonacci retracement level at 5.7775 mark. The Fibonacci retracement levels on this pair are measured by connecting the 2016 low and high levels. However, by analyzing the history of the pair it can be seen that only the 50.00% Fibonacci retracement level is significant enough to hold or change the movement of the pair.
© Dukascopy Bank SA
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