CAD/HKD 1H Chart: Falling Wedge
CAD/HKD is trading in two patterns simultaneously, i.e., a falling wedge and a channel down. The given combination demonstrates that the Canadian Dollar has failed to reach the lower channel boundary since August 9, suggesting that the current bearish sentiment might change in the nearest time, especially with strengthening trend indicators.
The last wave south was halted when the pair hit a combined support of the weekly S1 and the 23.6% Fibonacci retracement. The Canadian Dollar is currently trying to push past the 100-hour SMA located circa 6.1470. The 200-hour SMA is likewise located in a near distance.
In the short-term, the rate may still trade in a relatively flat motion, but eventually accelerate and push up to the monthly PP at 6.1808, at least.
The last wave south was halted when the pair hit a combined support of the weekly S1 and the 23.6% Fibonacci retracement. The Canadian Dollar is currently trying to push past the 100-hour SMA located circa 6.1470. The 200-hour SMA is likewise located in a near distance.
In the short-term, the rate may still trade in a relatively flat motion, but eventually accelerate and push up to the monthly PP at 6.1808, at least.
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