GBP/CAD Down 1 Pips Over Past Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 16, 2021 1:48 GMT)

At the time of this writing, GBPCAD’s rate is down -1 pips (-0.01%) from the hour prior. GBPCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

The back and forth price flow continues for GBPCAD, which started today off at 1.67811, down 43 pips 0.26% from the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 29th for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Incoming UK economic data may help spark a turnaround by the British Pound versus the commodity currencies.