GBP/CAD Up 6 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
GBPCAD
(Last Updated May 28, 2020)
Welcome to the news page for GBPCAD (GBPCAD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
If we observe the 30 and 14 day timeframes, we see a downtrend in place for GBPCAD.
GBPCAD Moving Averages
GBPCAD’s moving averages tell a multi-facted story about its trend. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bearish, suggesting the trend is generally downward, save for a jump that occurred about 6 months ago.
The chart below illustrates.
As for correlation, In terms of correlations over the past week for GBPCAD, it has demonstrated the strongest correlation with GBPNZD. Over the past 14 days, however, GBPAUD is the asset most correlated to GBPCAD. On the flip side, the asset least correlated with GBPCAD over the past week has been USDHKD, but over the past two weeks, GBPUSD has been the asset least correlated with GBPCAD. The chart below illustrates GBPCAD against its least correlated assets.
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GBP/CAD Down 4 Pips in Last 4 Hours, 3 Day Down Streak Snapped; Price Base in Formation Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
GBP/CAD Up 3 Pips in Last 4 Hours, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 10 days gbp/cad’s price has gone up 5 them.
GBP/CAD Down 41 Pips On 4 Hour Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of gartley, relative strength index and wedge technical patterns.
GBP/CAD Up 11 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.
GBP/CAD Up 18 Pips in Last 4 Hours; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
GBP/CAD Up 22 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 1.23, which is bullish.
GBP/CAD Up 20 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci and trendline technical patterns.
GBP/CAD Down 32 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone down 9 out of the past 14 days.
GBP/CAD Down 2 Pips Over Past 4 Hours, Nears 200 Day Moving Average; Pin Bar Pattern Appearing on Chart
Risk per trade must be no more than 1-2% of the trading capital….