GBP/CAD Down 0 Pips On Hourly Chart, Came Into Today Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 12, 2022 1:41 GMT)

Currently, GBPCAD’s rate is down 0 pips (0%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is down 109 pips (0.7%) since the day prior (opening today near 1.5465), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 28th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 19 out of the past 30 days.