GBP/CAD Down 9 Pips Over Past Hour, 2 Day Down Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 13, 2022 1:41 GMT)

Currently, GBPCAD’s rate is down -9 pips (-0.06%) from the hour prior. This is the 2nd hour in a row GBPCAD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 20 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 entered today at 1.59052, up 10 pips (0.06%) from the day prior. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. The price chart of GBPCAD below illustrates.

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 30 day timeframe, which shows price moving down 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. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!