GBP/CAD Down 43 Pips Over Past 4 Hours, Moves Down For the 3rd Day In A Row; in an Uptrend Over Past 30 Days
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
GBPCAD
(Last Updated August 4, 2020)
Hello! This is the news page for GBPCAD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on GBPCAD, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
GBPCAD Moving Averages
The moving averages on GBPCAD summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, suggesting the trend is generally upward, aside from a drop about 6 months prior.
The chart below illustrates.
Regarding GBPCAD’s correlations over the past 7 days, it has demonstrated the strongest correlation with GBPUSD. GBPCAD has been most correlated with GBPUSD over the past 14 days also, so this may be a recurring pattern. On the flip side, TRYJPY has been the asset least correlated with GBPCAD — but if we observe the prior two weeks, the asset least correlated with GBPCAD has been NZDCAD. 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 down -0.0028 (-0.16%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. Regarding the trend, note that the strongest trend exists on the 10 week timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPCAD. Given that we see an uptrend on the 10 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. GBPCAD’s weekly price action over the past 52 weeks can be seen via the chart below.
GBP/CAD Down 34 Pips Over Past 4 Hours, is Inching Close to 20, 100 and 200 Day Averages; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 0.44, which is bearish.
GBP/CAD Up 2 Pips in Last 4 Hours, 4 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart
The closest is the 100 day average, which is 49.2 pips away.
GBP/CAD Up 63 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
GBP/CAD Down 13 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
GBP/CAD Up 27 Pips in Last 4 Hours, in a Downtrend Over Past 90 Days; is Inching Close to 20 and 50 Day Averages
There are plenty of tp opportunities and a lot of pips to catch!
GBP/CAD Up 23 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
GBP/CAD Down 21 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Nears 100 Day Moving Average
For additional context, note that price has gone up 8 out of the past 14 days.
GBP/CAD Down 53 Pips Over Past 4 Hours, Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
GBP/CAD Up 18 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; is Inching Close to 100 and 200 Day Averages
Relative to other instruments in the forex asset class, gbp/cad ranked 34th the previous day in terms of percentage price change.