CAD/HKD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from November 4, two attempts to cap losses failed under intense pressure from bearish market participants. After a moderate stabilization around 5.82-5.84 on Monday-Tuesday, we can forecast a new round of movement to the south. The closest reliable demand is placed at 5.7837 (weekly S1), which is followed by the pattern's lower boundary at 5.75. Considering another weekly support at 5.74, bulls can rely on the trend-line to help them regain strength in the medium term. Nonetheless, technical studies are not sharing either bullish or bearish views on the matter as they are giving neutral signals on all time frames. Meanwhile, SWFX traders stay Loonie-long in 69% of all cases.
© Dukascopy Bank SA
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