GBP/CAD Makes Big Move Relative to Past Three Months, Heads Down For the 3rd Day In A Row; in an Uptrend Over Past 14 Days

GBP/CAD Price Recap

GBP/CAD is down 161 pips (0.91%) since yesterday (with its current price near 1.74978), marking the 3rd day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 20.31% from the day prior, and up 65.46% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 26th for the day in terms of day-over-day price change. The price chart of GBP/CAD below illustrates.

GBP/CAD Technical Analysis

Coming into today the current price of GBP/CAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.

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 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, trendline, triangle and wedge technical patterns. 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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