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GBP/CAD Down 3 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; Breaks Below 20 Day Average

GBPCAD

Hourly Update

(Last Updated August 24, 2021 1:50 GMT)

At the moment, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. GBPCAD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly 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.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is down 111 pips (0.64%) since the previous day (opening today near 1.7364), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 32nd the previous day in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below its 20 day moving average yesterday. 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. The closest is the 20 day average, which is 30.5 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 9 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.