GBPCAD Down 10 Pips in Last Hour; Moves Up For the 5th Day In A Row
This move is a reversal from the hour prior, which saw price move up.
(Last Updated April 15, 2021)
Hello! This is the news page for 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 |
---|---|---|---|---|---|---|---|
United Kingdom BoE Credit Conditions Survey | NA | British Pound | GBP | 2021-04-15 | 08:30 GMT | ||
Canada Manufacturing Sales MoM | Feb 2021 | Canadian Dollar | CAD | 2021-04-15 | 12:30 GMT | -1% | -1.6% |
United Kingdom BoE Cunliffe Speech | NA | British Pound | GBP | 2021-04-16 | 09:00 GMT | ||
Canada Housing Starts | Mar 2021 | Canadian Dollar | CAD | 2021-04-16 | 12:15 GMT | 250K |
As for trends on GBPCAD, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
GBPCAD’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bearish, suggesting the trend is generally downward, save for a jump that occurred about 6 months ago.
Below is a chart showing GBPCAD’s price with its moving averages.
Regarding GBPCAD’s correlations over the past 7 days, it has been most correlated with GBPCHF. If we zoom out to a two week basis, though, the asset showing the strongest correlation to GBPCAD is EURSEK. Alternatively, the asset least correlated with GBPCAD over the past week has been NZDUSD, but if we observe the prior two weeks, the asset least correlated with GBPCAD has been AUDCAD. The chart below illustrates GBPCAD against its least correlated assets.
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Currently, GBPCAD’s rate is up 79 pips (0.46%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. 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. The weekly chart below shows GBPCAD’s price action over the past year.
Strongest trend on the 24 month timeframe.
This move is a reversal from the hour prior, which saw price move up.
This move is a reversal from the hour prior, which saw price move down.
It’s been a feast for bears operating on an hourly timeframe, as gbpcad has now gone down 4 of the past 5 hours.
Price action traders may also wish to note that we see a doji candlestick pattern on gbpcad.
Price action traders may also wish to note that we see a doji candlestick pattern on gbpcad.
The closest is the 200 day average, which is 51.2 pips away.
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
For additional context, note that price has gone up 7 out of the past 14 days.
This is a reversal of the price action on the previous hour, in which price moved down.
Volatility for gbpcad has been contracting over the past two weeks relative to volatility over the past month.