CAD/HKD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Loonie formed a double bottom pattern against the Hong Kong Dollar June 23 on the Brexit referendum vote results. At the moment, the currency exchange rate has confirmed the pattern and the fact that it initiates a reverse of a downward trend. The pair bottomed for the second time at the level of 5.9307, and since then it has surged to 9.9585 by 11:15 GMT. As the Canadian Dollar continues to depreciate against the Hong Kong Dollar, it is set to move to the resistance cluster made up of weekly PP at 6.0069 and 55-hour SMA at 6.0065. However, the rate could also go down and move to the weekly S1 at 5.8937.
© Dukascopy Bank SA
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