CAD/HKD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the past couple of days, the CAD/HKD pair is trading strongly to the upside after forming the double bottom pattern. Recently the Loonie has risen above the top point between two valleys of the pattern and is hovering around the four-hour R1 level at 7.1382 at the moment. We expect the CAD/HKD currency pair to go further to the upside, at least till the significant resistance level at 7.1430/34 (Daily R1; 4H R3). Our view is supported by four-hour technical indicators, which point strongly to the north. Daily and weekly studies, however, and neutral. Meanwhile, market sentiment of SWFX traders is extremely bearish at the moment, as 73% of all positions are placed to go short.
© Dukascopy Bank SA
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