GBP/CAD Up 2 Pips in Last Hour, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 13, 2022 1:42 GMT)

Currently, GBPCAD’s rate is up 2 pips (0.01%) from the hour prior. This is the 2nd consecutive hour GBPCAD has seen its price head up. 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 pin bar candlestick pattern on GBPCAD. Given that we see an uptrend on the 5 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)

GBPCAD is up 95 pips (0.63%) since the day prior (opening today near 1.5175), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, GBPCAD ranked 10th the day prior in terms of percentage price change. Below is a 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 moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 6 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 3, which is bullish. 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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