GBP/CAD Up 7 Pips in Last Hour, 2 Day Down Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated August 2, 2022 1:40 GMT)

Currently, GBPCAD’s rate is up 7 pips (0.04%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend 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)

The back and forth price flow continues for GBPCAD, which started today off at 1.5732, up 165 pips 1.06% from the day prior. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 2nd for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone down 6 them.