CAD/HKD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge led CAD/HKD out of the four-month descending channel, which has now built up some bearish potential for a correction of the broken senior channel trend-line. The pair is now repeatedly approaching the upper trend-line of the wedge at 5.8839 which brings some more upside risks into the picture. While we still believe the pair will exit the pattern to the downside, we cannot eliminate a violation to the upside that would likely be capped by 5.8861 or 5.8909. The expected bearish trend would at first be tested at 5.8725 and then 5.8629/8620, with a possible bottom boundary target around 5.8649.
© Dukascopy Bank SA
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