(Last Updated June 1, 2021 2:20 GMT)
At the time of this writing, GBPCAD’s rate is down -5 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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)
The back and forth price flow continues for GBPCAD, which started today off at 1.71547, up 14 pips 0.08% from the day prior. Relative to other instruments in the Forex asset class, GBPCAD ranked 15th the day prior in terms of percentage price change. Below is a price chart of GBPCAD.
GBPCAD Technical Analysis
Notably, GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7077, 1.7206, 1.7355 and 1.728 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 51.4 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. For additional context, note that price has gone up 5 out of the past 10 days.