CAD/HKD 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is simultaneously trading in three patterns against the Hong Kong Dollar. However, the situation is about to change, as the medium term falling wedge recently reached the long term descending channel's lower trend line and rebounded. In the following rebound the pair formed a rather week ascending channel, which is still set to challenge the descending wedge's upper trend line. In addition, the currency exchange rate has been affected by the Fibonacci retracement levels, which are measured by connecting this year's high and low levels of 6.2281 and 6.5335. Although the rate is set to surge, it might fall due to the fact that it is overbought, as 70% of open SWFX positions are long. However, any fall could be stopped by the 50.00% Fibonacci retracement level at 5.7758.
© Dukascopy Bank SA
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Thu, 17 Nov 2016 15:00:03 GMT

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