GBP/CAD Down 1 Pips Over Past Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 16, 2022 1:42 GMT)

At the moment, GBPCAD’s rate is down 1 pips (0%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

A moment of silence, please, for the end of GBPCAD’s 3 day down streak; price ended yesterday up 155 pips (1%) to finish the day at a rate of 1.5697. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 6th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20 and 50 day averages, located at 1.5879 and 1.6051 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 16 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 90, 14 and 30 day

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 0 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/gy4My3WG/ Hello, Friends! A recent breakout signals That the bears are still strong And I am growing in confidence That a bearish selloff is coming! SELL! ✅LIKE AND COMMENT MY IDEAS✅