GBP/CAD Currency Pair Forecast

GBP/CAD currency pair price ended at $1.73 on Friday, after losing 0.0046%.
(Updated on Jun 21, 2024)

GBPCAD Signals & Forecast

There are few to no technical positive signals at the moment. The GBP/CAD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.74 and $1.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -1.23%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The currency pair had a Golden Star Signal on Friday, April 26, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for GBP/CAD currency pair

GBP/CAD finds support from accumulated volume at $1.72 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $0.0043 between high and low, or 0.249%. For the last week the currency pair has had daily average volatility of 0.381%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GBPCAD) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect GBP/CAD to open at $1.73, and during the day (based on 14 day Average True Range), to move between $1.73 and $1.74, which gives a possible trading interval of +/-$0.0058 (+/-0.33%) up or down from last closing price. If GBP/CAD takes out the full calculated possible swing range there will be an estimated 0.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $1.74 (0.56%) than the support at $1.72 (0.97%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is GBP/CAD currency pair A Buy?

The GBP/CAD currency pair holds several negative signals and despite the positive trend, we believe GBP/CAD will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this currency pair.

Current score: -1.890 Sell Candidate Unchanged

Predicted Opening Price for GBP/CAD of Monday, June 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.