GBP/CAD Up 4 Pips Over Past Hour, Moves Down For the 5th Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated April 29, 2022 1:43 GMT)

At the moment, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. The hourly chart shows that GBPCAD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see downtrend on the 20 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 down 112 pips (0.7%) since the day prior (opening today near 1.59605), marking the 5th consecutive day a decline has happened. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 37th in terms of percentage change since the day prior. 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 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 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 19 them.