GBP/CAD Up 10 Pips Over Past Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 14, 2022 1:40 GMT)

Currently, GBPCAD’s rate is up 10 pips (0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

The back and forth price flow continues for GBPCAD, which started today off at 1.5119, down 56 pips 0.37% from the previous day. Relative to other instruments in the Forex asset class, GBPCAD ranked 24th the previous day in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that the current price of GBPCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. 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. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them.