CAD/HKD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is in an ascending channel pattern against the Hong Kong Dollar, and the currency exchange rate recently reached the patterns support line at 6.0000 for a second confirmation. The pair is set to surge and gradually move to the pattern's upper trend line at 6.1150. However, on the way to the pattern's ceiling the rate is set to struggle with a lot of resistance levels, as on the way are located two weekly, one monthly resistances and the 55-period SMA. Although, a surge might not happen so soon, as 73% of SWFX open positions are long at the moment. Due to that, the rate might fall as low as 5.9700, where close by are located the 100-period SMA and the first weekly support level.
© Dukascopy Bank SA
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