GBP/CAD Down 4 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated November 13, 2020 1:31 GMT)

At the moment, GBPCAD’s rate is down -0.0004 (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 50 hour changed directions on GBPCAD; it is now pointing up. 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 44 pips (0.26%) since yesterday (opening today near 1.72249), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPCAD ranked 25th yesterday in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 34.1 pips away. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 17 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 1 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.09, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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