GBP/CAD Up 26 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; is Inching Close to 20 Day Average

GBP/CAD 4 Hour Price Update

Updated June 03, 2020 01:19 AM GMT (09:19 PM EST)

GBP/CAD is up 26 pips (0.15%) since the previous 4 hours (opening the current 4 hour candle near 1.6995), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 17th in terms of percentage change since the previous 4 hours.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 29 pips (0.17%) since yesterday (opening today near 1.69958), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, GBP/CAD ranked 18th yesterday in terms of percentage price change. The price chart of GBP/CAD below illustrates.

GBP/CAD Technical Analysis

Notably, GBP/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7037, 1.7273, 1.7247 and 1.7176 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 20 day average, which is 41.1 pips away. Volatility for GBP/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days GBP/CAD’s price has gone down 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 13 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.