CAD/HKD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Present currency pair has bounced from the upper trend-line in the middle of the previous week and is now confidently heading downwards. As expected, in the nearest future the Loonie will try to overcome the level of weekly S1 at 6.8831. If successful, then we can expect the CAD/HKD cross to decline down to the lower boundary of the falling wedge pattern at 6.8446, which is also reinforced by strong support line represented by monthly S1. Technical indicators and market participants support such course of events to take place. Former send bearish signals on daily and weekly time-frames, while more than 71% of all opened positions on the market are short for the time being.
© Dukascopy Bank SA
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