CAD/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long-term outlook for the CAD/HKD remains mildly bearish. During third week of November 2014 the cross started forming a channel down pattern, as the Loonie began underperforming the Hong Kong's currency. Taking into account aggregate signals from technical indicators, we may suggest the Canadian dollar will decline at least in the short and medium-term, while it is heading in the direction of the lower boundary of the pattern. The nearest support is located at 6.5437 (weekly S1) but it should not create many problems for the currency pair to cross it. Market participants, in turn, vote in favour of pair's rise, as more than 70% of all opened positions are long.
© Dukascopy Bank SA
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