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Forex: GBP/CAD rattles after BoC rate hold decision

FXstreet.com (Barcelona) - Having declined from its overnight high at 1.5713, GBP/CAD has steadily declined through the early European session to find support at 1.5620.

The pair, currently trading at 1.5637, just above daily S1 support at 1.5632, had a sharp initial reaction to the BoC decision to hold rates at 1%, making a low at 1.5587, where the hourly 200 MA lies, and a high at 1.5664 where the 55 MA lies. Hourly MA´s are broadly flat, while Stochastics look to have turned at the top of oversold territory and are currently at 32, while RSI is at 41 but lacking defined directional momentum.

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Forex Flash: Fed favors holding rates lower for longer – Deutsche Bank

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