GBP/CAD Makes Big Move Relative to Past Month, Moves Down For the 2nd Day In A Row; Breaks Below 50 and 100 Day Averages
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
GBPCAD
(Last Updated March 4, 2021)
Welcome to the news page for GBPCAD (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 Construction PMI | Feb 2021 | British Pound | GBP | 2021-03-04 | 09:30 GMT | 51 | 53.3 |
| Canada Labor Productivity QoQ | Q4 2020 | Canadian Dollar | CAD | 2021-03-04 | 13:30 GMT | ||
| United Kingdom Halifax House Price Index MoM | Feb 2021 | British Pound | GBP | 2021-03-05 | 08:30 GMT | 0% | |
| United Kingdom Halifax House Price Index YoY | Feb 2021 | British Pound | GBP | 2021-03-05 | 08:30 GMT | 4.55% | |
| Canada Balance of Trade | Jan 2021 | Canadian Dollar | CAD | 2021-03-05 | 13:30 GMT | C$-1.4B |
The Trend
On GBPCAD, there is currently an uptrend on the 90 and 30 day timeframes.
GBPCAD Moving Averages
The moving averages on GBPCAD indicate a trend that is clearly bullish.
The chart below illustrates.
As for assets in the Forex asset class GBPCAD has been correlated to over the past week, it has demonstrated the strongest correlation with USDJPY. If we zoom out to a two week basis, though, GBPUSD is the asset most correlated to GBPCAD. On the flip side, the asset least correlated with GBPCAD over the past week has been GBPJPY, but over the past two weeks, TRYJPY has been the asset least correlated with GBPCAD. See the chart below to observe the recent price action in GBPCAD versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
Currently, GBPCAD’s rate is down -73 pips (-0.41%) from the week prior. GBPCAD has seen its price go up 8 out of the past 10 weeks, thus creating some compelling opportunities for bulls. As for the trend on the weekly timeframe, we see the clearest trend on the 20 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
Monthly trend: strongest on the 24 month timeframe.
GBP/CAD Up 65 Pips; Breaks Above 20 Day Average
This imputes a buy/sell ratio of 0.33, which is bearish.
GBP/CAD Up 65 Pips; Breaks Above 20 Day Average
Out of the 40 instruments in the forex asset class, gbp/cad ended up ranking 15th for the day in terms of day-over-day price change.
GBP/CAD 4 Day Up Streak Broken; Breaks Below 20 Day Average
Out of the 40 instruments in the forex asset class, gbp/cad ended up ranking 32nd for the day in terms of day-over-day price change.
GBP/CAD Up 86 Pips; Crosses 20 Day Moving Average
Relative to other instruments in the forex asset class, gbp/cad ranked 6th yesterday in terms of percentage price change.
GBP/CAD Heads Up For the 2nd Day In A Row; is Inching Close to 50 and 100 Day Averages
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.
GBP/CAD Up 2 Pips, Eyes 50 and 100 Day Averages; Doji and Pin Bar Patterns Appearing on Chart
This imputes a buy/sell ratio of 0.73, which is bearish.
GBP/CAD Up 21 Pips, Price Base in Formation Over Past 14 and 90 Days; Eyes 20 and 50 Day Averages
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.
GBP/CAD 2 Day Up Streak Broken, Breaks Below 20 Average; Price Base in Formation Over Past 90 Days
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.
GBP/CAD Down 17 Pips, Price Base in Formation Over Past 90 Days; Eyes 20 Day Average
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.