CAD/HKD 1H Chart: Rising Wedge

While the recent price action of CAD/HKD is presented here as an emergence of the rising wedge pattern, there is a strong argument in favour of the formation of the ascending triangle, being that the slope of the upper boundary is fairly low and may in reality be flat circa 7.3080. Accordingly, it is more reasonable to use the recent fluctuations to estimate possible break-outs rather than to suppose that the likelihood of a strong sell-off is higher than probability of any other scenario.

Meanwhile, in the short run the currency pair is poised to move in the direction of the lower up-trend support at 7.2767.