GBP/CAD Down 3 Pips in Last Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 11, 2022 1:45 GMT)

At the time of this writing, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. The hourly chart shows that GBPCAD has seen 3 straight down 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)

GBPCAD entered today at 1.60387, down 14 pips (0.08%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 20th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20 and 50 day averages, located at 1.6195 and 1.6427 respectively, and thus may be at a key juncture along those timeframes. 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 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.