NZD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
A large-scale channel down pattern failed to contain NZD/CAD on the daily time-frame, leading to a takeover by a junior ascending channel on the hourly chart. The pair overstepped the senior line twice, and was sent packing both times at the same level of 0.9497. The double-tested area has now lead to the formation of a symmetrical triangle pattern which might confirm that the senior channel has indeed lost its power and the cross is most likely to continue its path inside the bounds of the junior channel. The current wave south is most likely to be cut at 0.9464, the bottom trend-line of the new pattern.
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