GBP/CAD Down 78 Pips

GBP/CAD Price Recap

GBP/CAD is down 78 pips (0.46%) since yesterday (with its current price near 1.69594), marking the 3rd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 10.47% from the day prior, but up 7.21% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/CAD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/CAD.

GBP/CAD Technical Analysis

Notably, the current price of GBP/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 144.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for GBP/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days GBP/CAD’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 9 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUY GBPCAD 4H TimeframePrice is currently at bullish trendline and price closed above the previous high. Tp @ 1.69500SL @ 1.73180