CAD/HKD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Loonie is depreciating against the Hong Kong Dollar in a falling wedge pattern, as the currency exchange rate is moving lower from one trend line to another in the borders of a larger pattern. The larger pattern is a channel down, which has been dictating the rates movement since the start of May. Moreover, the Fibonacci retracement levels between the January low and the May high levels influence the currency exchange rate. In the recent months the currency pair has been crossing paths with the 23.60% and 38.20% Fibonacci retracement levels respectively at 6.0145 and 5.8823. In the meantime, SWFX trader sentiment indicates at the rate being overbought, as 74% of open positions are long.
© Dukascopy Bank SA
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