GBP/CAD Down 3 Pips On Hourly Chart; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 6, 2022 1:43 GMT)

At the moment, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. This is the 2nd hour in a row GBPCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 1.57265, down 82 pips (0.52%) from yesterday. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 33rd for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, the current price of GBPCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 7 out of the past 10 days.