CAD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar recently surged against the Japanese Yen, and the surge occurred in accordance with two patterns. On a smaller scale the pair trades in a channel up pattern, and on a large scale it is in a falling wedge pattern. The channel represents the Loonie's rebound from the wedge's support level and the following appreciation against the Yen. However, recently the currency exchange rate met with the cross point of the two pattern resistance lines and began to fall. In the subsequent fall the rate reached the channel's support line, which hindered the pairs fall. Although, the rate is set to sooner or later break out of the short term pattern and continue its movement in accordance with the falling wedge.
© Dukascopy Bank SA
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