GBP/CAD Down 2 Pips in Last Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2022 1:43 GMT)

At the moment, GBPCAD’s rate is down -2 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.57543, up 28 pips (0.18%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 20th for the day in terms of price change. Below 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 8 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The pound will continue its downward trend against the Canadian dollar with the completion of the pullback to the broken support.