GBP/CAD Up 6 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Eyes 200 Day Average

Hourly Update

(Last Updated January 7, 2022 1:41 GMT)

At the moment, GBPCAD’s rate is up 6 pips (0.03%) from the hour prior. This is the 3rd hour in a row GBPCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 1.72172, down 76 pips (0.44%) from yesterday. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 30th in terms of percentage change since yesterday. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 44.5 pips away. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone up 19 them.