GBP/CAD Down 6 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 90 Days
The closest is the 20 day average, which is 273 pips away.
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.
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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.
GBPCAD: The Monthly View
Strongest trend on the 24 month timeframe.
GBPCAD Down 11 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 90 Days
Price action traders may also wish to note that we see a doji candlestick pattern on gbpcad.
GBPCAD Down 6 Pips On Hourly Chart, 5 Day Down Streak Snapped; in a Downtrend Over Past 30 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
GBPCAD Down 3 Pips in Last Hour, Came Into Today Down For the 3rd Consecutive Day; in a Downtrend Over Past 30 Days
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
GBPCAD Up 12 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
GBPCAD Down 14 Pips Over Past Hour, Moves Up For the 3rd Day In A Row; Doji Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 14 days gbpcad’s price has gone up 7 them.
GBP/CAD Up 11 Pips On Hourly Chart; Came Into Today Down For the 2nd Day In A Row
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
GBPCAD Up 3 Pips in Last Hour, Moves Down For the 3rd Straight Day; Breaks Below 200 Day Average
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.
GBP/CAD Down 1 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days
The closest is the 50 day average, which is 22.6 pips away.
GBP/CAD Up 7 Pips in Last Hour, Fares the Worst Out of Forex; Crosses 20 Day Moving Average
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.