GBP/CAD Up 3 Pips On Hourly Chart, Came Into Today Down For the 3rd Day In A Row; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 15, 2022 1:43 GMT)

Currently, GBPCAD’s rate is up 3 pips (0.02%) 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. 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)

GBPCAD is down 110 pips (0.7%) since the day prior (opening today near 1.5542), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPCAD ranked 36th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that the current price of GBPCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.