GBP/CAD Up 47 Pips in Last Hour, 2 Day Down Streak Broken; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 12, 2022 1:42 GMT)

Currently, GBPCAD’s rate is up 47 pips (0.31%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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)

The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.508, up 23 pips (0.15%) since yesterday. Relative to other instruments in the Forex asset class, GBPCAD ranked 14th yesterday in terms of percentage price change. 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 1.5282 and 1.5438 respectively, and thus may be at a key juncture along those timeframes. 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 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.