GBP/CAD Up 9 Pips On Hourly Chart; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 17, 2021 1:48 GMT)

At the time of this writing, GBPCAD’s rate is up 9 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 20 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 1.68659, up 85 pips 0.51% from the day prior. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 13th for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We have another GBPCAD trade on our POW reversal strategy. Trade details for current trade are shown on the chart.We are working the 20M time frame on this strategy.We’re looking for the green line which is take profit target.Little red arrow is entry point and purple line is stop loss.Previous trades can be seen on chart. The short trade was covered in an idea yesterday which hit TP. This was then followed by a long which also found TP. Lets see how the new short trade fairs. Trade history can be seen at the foot of this trade idea too for full transparency.In that box every trade is logged and can be viewed by clicking the tabs in the report box.You as the viewer of this idea can also do that so go ahead and have a play.——————————————I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.Jumping on random trade ideas ‘willy-nilly’ on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way.——————————————Please hit the 👍 LIKE button if you like my ideas🙏Also follow my profile, then you will receive a notification whenever I post a trading idea – so you don’t miss them. 🙌No one likes missing out, do they?Also, see my ‘related ideas’ below to see more just like this.The stats for this pair are shown below too.Thank you.Darren