CAD/HKD 1H Chart: Channel Up
CAD/HKD 1H Chart: Channel Up
- The Canadian Dollar is trading against the Hong Kong Dollar in a two week long ascending channel that started to form after the currency rate left a preceding ascending channel.
- This pattern is not usual, as it consists of many reaction highs and only one reaction low.
- The reason behind such distinctiveness is attributed to a strength exercised by the 55- and 100-hour SMAs or a combination of them both.
- To put differently, five day in a row these technical indicators do not let the pair to slip to the bottom.
- This means the exchange rate is going to soar at least until the weekly R1 at 6.2592, which might force the pair make a rebound.
- However, as long as the above SMAs are moving together, it is doubtful that the pair will manage to cross them.
