GBP/CAD Up 5 Pips in Last Hour, Moves Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated April 28, 2022 1:42 GMT)

At the moment, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. GBPCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 43 pips (0.26%) since the day prior (opening today near 1.60728), marking the 4th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 29th for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 9 them.