GBPCAD Up 7 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated April 8, 2021 3:20 GMT)

Currently, GBPCAD’s rate is up 7 pips (0.04%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 down 58 pips (0.33%) since the day prior (opening today near 1.73316), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below 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 19 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 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days.