GBPCAD

(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:

Forex Calendar for GBPCAD

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

The Trend

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 Moving Averages

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.

The View From the Weekly Timeframe

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.