CAD/HKD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite remaining under constant bearish pressure, CAD/HKD managed to rebound moderately in the past five trading days. As a result, it was able to test the upper trend-line of the channel down pattern for two times on Monday and Tuesday. This fact signals about strong intentions among bulls to push the Canadian Dollar higher. The long-term positive scenario is broadly shared by market participants, namely 73% of them who are holding long open positions. Technical support should be provided by a dense demand zone around 5.90-5.92. Nonetheless, daily indicators forecast losses in course of the next 24 hours; however, the probability of the pattern's resistance being breached is still rising.

© Dukascopy Bank SA
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