GBP/CAD Down 5 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 4, 2022 1:41 GMT)

Currently, GBPCAD’s rate is down -5 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 49 pips (0.31%) since yesterday (opening today near 1.60399), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 20 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCAD Demand Zone Appears in D1 Time Frame Looking Price Action for Long Term Buy