CAD/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is simultaneously in two descending channel patterns against the Hong Kong Dollar. The smaller pattern formed in the borders of the larger as a result of a bounce off from the larger scale descending channel pattern's resistance line. The rate fell so drastically in the 12 hours after reaching the resistance line that the smaller pattern formed only around 1000 pips lower. In addition the currency exchange rate has historically shown that it has been slightly affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. The pair is set to continue the fall due to the fact that it is already overbought, as 73.18% of open SWFX positions are already long.
© Dukascopy Bank SA
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