The Canadian Dollar is trading against the Hong Kong Dollar in the short-term ascending channel. Formation of the channel began shortly after a the Hong Kong Dollar's rapid depreciation on the May 5. The hourly chart reveals that after latest rebound from the bottom edge of the channel, fluctuations of the rate began to narrow, which led to the appearance of another ascending channel. Most likely that the pair will not manage to break through it, as the lower trend-line it supported by the 55-period SMA at 5.7163 and weekly R1 at 5.7098. Accordingly, the rate is likely to bounce off from it and continue an upward direction towards the weekly R2 located at the 5.7325 level.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 5.7416 | Trend line | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 5.7363 | Upper Bollinger Band | RSI (14) | Buy | Buy | Sell | ||
| R2 | 5.7325 | Weekly R2 | Stochastic (5; 3; 3) | Neutral | Neutral | Neutral | ||
| R1 | 5.7263 | 20-period SMA | ADX (14) | Sell | Sell | Buy | ||
| S1 | 5.7168/63 | 55-period SMA; Trend line | CCI (14) | Neutral | Neutral | Buy | ||
| S2 | 5.7098 | Weekly R1 | AROON (14) | Neutral | Neutral | Sell | ||
| S3 | 5.7024 | 100-period SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 5.6991 | Trend line | SAR (0.02; 0.2) | Buy | Buy | Sell | ||
| Aggregate | → | → | → |