CAD/HKD 4H Chart: Channel Down

Canadian Dollar has been retreating against the Hong Kong Dollar since the middle of June, when the pair found its most recent peak at 6.3950. However, after touching Aug low at 5.8060 it has been recovering in the direction of the upper trend-line. SWFX market sentiment is firmly bullish, with more than 74% of all positions opened as the long ones. However, inability of the pair to cross the 55-period SMA at 5.8743 may push the pair down in the medium-term. Moreover, this line has recently returned below the moving average on a 100-period time frame, underlying the pair's bearishness. Meanwhile, daily and weekly studies are also pessimistic with respect to the Loonie.