CAD/HKD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/HKD left 2016 lows in an ascending channel pattern, which has now led to tests of 5.9458, the recent high, and then guided a wave south towards the bottom trend-line at 9.8912. The pair is bound from the upside by the weekly and monthly R2, meaning that it will have to build up some more prominent momentum to dash through to the upper trend-line of the pattern around 5.9719. Intermediate levels, such as 5.9367 and 5.9589 will mess with the motion, and the aforementioned high of 5.9458 will also have to be violated.
© Dukascopy Bank SA
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