GBPCAD closes within prior day's range after lackluster session
British Pound/Canadian Dollar (GBPCAD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
GBPCAD ended the month -1.01% lower at 1.6835 after gaining 34 pips (0.2%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (GBPCAD as at Jun 30, 2020):
Tuesday's trading range has been 92 pips (0.55%), that's below the last trading month's daily average range of 129 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GBPCAD.
Prices are trading close to the key technical resistance level at 1.6906 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 1.6751 where further sell stops could get triggered. As prices are trading close to June's low at 1.6751, downside momentum might speed up should the FX pair mark new lows for the month.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.82% and NZDUSD closing 0.53% higher. On the flipside the worst performers have been USDCAD closing -0.62% lower and USDCHF losing -0.41%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 1.31% and GBPJPY closing 1.16% higher. The worst performers of the day have been USDNOK tanking -1.51% and EURGBP closing -0.9% lower. Read more