GBP/CAD Up 7 Pips Over Past Hour, Came Into Today Down For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated August 4, 2022 1:43 GMT)

At the time of this writing, GBPCAD’s rate is up 7 pips (0.05%) 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 50 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 90 pips (0.57%) since the previous day (opening today near 1.5596), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBPCAD ranked 35th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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 30 days GBPCAD’s price has gone down 19 them.