The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 2.73% from the day prior, and up 22.67% from the same day the week before.
This imputes a buy/sell ratio of 0.73, which is bearish.
Out of the 40 instruments in the forex asset class, gbp/cad ended up ranking 16th for the day in terms of day-over-day price change.
Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Relative to other instruments in the forex asset class, gbp/cad ranked 3rd yesterday in terms of percentage price change.
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 price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 0.47% from the day prior, but down 10.82% from the same day the week before.
This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 12.04% from the day before — and down 6.21% from the same day the week before.