GBPCAD Down 1 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 1, which is neutral.
(Last Updated January 18, 2021)
Welcome to the news page for GBPCAD (GBPCAD). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Canada Housing Starts | Dec 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:15 GMT | 227K | |
Canada Foreign Securities Purchases | Nov 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:30 GMT | ||
Canada Foreign Securities Purchases by Canadians | Nov 2020 | Canadian Dollar | CAD | 2021-01-18 | 13:30 GMT | ||
United Kingdom BoE Haldane Speech | NA | British Pound | GBP | 2021-01-19 | 18:00 GMT | ||
United Kingdom Inflation Rate MoM | Dec 2020 | British Pound | GBP | 2021-01-20 | 07:00 GMT | 0.2% |
On GBPCAD, there is currently an uptrend on the 90 and 30 day timeframes.
GBPCAD’s moving averages tell a multi-facted story about its trend. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, while the 100 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes. Ultimately, this suggests a bullish trend on shorter timeframes, compared to a bearish trend when observing more than 3 months of data. Moreover, it should also be noted that the 200 SMA just turned bearish today.
The chart below illustrates.
In terms of correlations over the past week for GBPCAD, it has demonstrated the strongest correlation with GBPAUD. Over the past 14 days, however, GBPNZD is the asset most correlated to GBPCAD. On the flip side, the asset least correlated with GBPCAD over the past week has been AUDCAD, but if we observe the prior two weeks, the asset least correlated with GBPCAD has been AUDNZD. See the chart below to observe the recent price action in GBPCAD versus those of assets it hasn’t been well correlated with.
.
At the moment, GBPCAD’s rate is up 83 pips (0.48%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as GBPCAD has now gone up 4 of the past 5 weeks. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
Monthly outlook: choppy. Clear trends not visible on the 24, 60 and 120 month timeframes.
This imputes a buy/sell ratio of 1, which is neutral.
Or to simplify this another way, note that out of the past 30 days gbpcad’s price has gone up 16 them.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Volatility for gbpcad has been contracting over the past two weeks relative to volatility over the past month.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
This is a reversal of the price action on the previous hour, in which price moved up.
Of note is that the 200 hour changed directions on gbpcad; it is now pointing up.
Volatility for gbpcad has been contracting over the past two weeks relative to volatility over the past month.
The closest is the 100 day average, which is 6.7 pips away.