(Last Updated May 28, 2021 1:21 GMT)
Currently, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. This is the 2nd straight hour GBPCAD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 66 pips (0.39%) since the day prior (opening today near 1.71268), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 10th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.
GBPCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed above its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 63 pips away. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 8 them.