GBP/CAD Up 10 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 5, 2022 1:40 GMT)

At the time of this writing, GBPCAD’s rate is up 10 pips (0.06%) 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 50 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)

GBPCAD is down 3 pips (0.02%) since yesterday (opening today near 1.5592), marking the 2nd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 28th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 and 50 day averages, located at 1.5769 and 1.5893 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 20 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Uptrend spotted with tp 1.5608 and sl 1.55415 nearly all indicators in short term are bullish for this pair now