CAD/HKD 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair is posing for a possible sell off. It is one of the underlying assumptions behind the Double Top pattern—pair fails to reach new (relative) high and gradually returns to the previous trading levels. However, taking in to the account that second top as formed some 15 bars ago and short and medium term technicals on aggregate point at appreciation of the pair it might be we could see another peak (similar to the one slightly before the first top). If pair decides to depreciate significant role should be player by the Fibonacci retracements of mid  to the end of July (pattern's beginning till the first top) move. 

© Dukascopy Bank SA
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