GBP/CAD Up 18 Pips Over Past Hour, Moves Down For the 3rd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated January 14, 2022 1:43 GMT)

Currently, GBPCAD’s rate is up 18 pips (0.1%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists 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)

GBPCAD is down 6 pips (0.04%) since the day prior (opening today near 1.7136), marking the 3rd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, GBPCAD ranked 17th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 28.4 pips away. 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 up. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 8 them. Also, candlestick traders! Note we see doji and pin bar patterns 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 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

there are two senario explianed on the chart for buy ( scalp ) or sell after restes each senario look for candlestick pattern .Please follow and like the idea for Support and More ideas like this and share your ideas and charts in Comments Section..!!Thanks for Your Love 🙂