GBP/CAD Down 4 Pips in Last Hour, 3 Day Down Streak Broken; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 8, 2021 1:48 GMT)

At the time of this writing, GBPCAD’s rate is down -4 pips (-0.02%) from the hour prior. This is the 2nd hour in a row GBPCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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, which opened today priced near 1.74275, is up 85 pips 0.49% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above 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 56.4 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them.