USD/CAD 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of consolidation in August, CAD/HKD found a strong support around the major level at 1.08 on 4th of September.
Since the broadening rising wedge pattern has formed the pair has managed to hit the highest level in around six months. Recently, the pair bounced off the weekly and monthly PPs at 1.1083/88 and now there is a possibility of retest of levels above the 1.12 mark. The daily and weekly technical indicators are also bullish, thus increasing the possibility of this scenario bullish scenario to take place. Moreover, the SWFX traders' have strong belief that the pair will continue to gain, as 74.58% of the are long.
© Dukascopy Bank SA
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