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CAD/HKD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The Canadian Dollar is trading simultaneously in two descending channels against the Hong Kong Dollar. The medium term channel is a representation of the currency exchange rates bounce off from the long term pattern's upper trend line. In addition, the currency pair is highly influenced by Fibonacci retracement levels, which are measured by connecting the 2016 high level of May with the low level of January 2016. The rate is slowly heading for the 5.7757 level, where the 50.00% Fibonacci retracement level is located at. However, before that the currency pair is most likely to still reach and bounce off from the medium term channel's upper trend line, as it recently rebounded from the support line of the pattern.
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