GBP/CAD Up 6 Pips On Hourly Chart; Breaks Above 200 Day Average

Hourly Update

(Last Updated December 28, 2021 1:44 GMT)

At the time of this writing, GBPCAD’s rate is up 6 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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)

GBPCAD entered today at 1.71905, up 57 pips (0.33%) from yesterday. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 13th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed above its 200 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 13.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 11 out of the past 14 days.