GBP/CAD Up 11 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Eyes 20 Day Average

Hourly Update

(Last Updated April 22, 2022 1:46 GMT)

At the moment, GBPCAD’s rate is up 11 pips (0.07%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 and 10 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)

The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.63901, up 69 pips (0.42%) since yesterday. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 12th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20 and 50 day averages, located at 1.6412 and 1.6722 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them.