GBP/CAD Up 7 Pips in Last Hour, Fares the Worst Out of Forex; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 23, 2021 2:4 GMT)

At the moment, 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 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 1.74098, down 104 pips (0.59%) since the day prior. On a relative basis, GBPCAD was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed below its 20 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 50 day average, which is 10.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Not much commentary on GBPCAD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Vemos que el precio tiene una clara estructura bajista, por lo que buscaremos ventas. siguiendo la estructura buscamos el siguiente impulso hacia la baja.