GBP/CAD Down 7 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 22, 2022 1:40 GMT)

At the moment, GBPCAD’s rate is down -7 pips (-0.04%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 1.517, down 36 pips (0.24%) 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

Notably, GBPCAD crossed below its 20 day moving average yesterday. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCAD, will make a bullish pattern which mean this indication for us to buy, with sl 30 pips. my expectation price will rise to $1.53