CAD/HKD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Triangle which looks very similarly to a descending triangle formed by CAD/HKD on September 19 is moving to its apex. The main reason behind it is that on Friday both trend lines will converge, meaning the breakout is inevitable. Even though technical indicators are not univocal and pointing into different directions, we might suggest the pair will perform a downside breakout, as recently bears already made an attempt to push the pair lower. Moreover, each new high was significantly lower than the previous one and the pair is already trading around levels seen before Bernanke's speech. Therefore, the outlook for the pair is bearish.
© Dukascopy Bank SA
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