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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.

Forex Flash: Neutrality persists for commodity-based currencies – UBS

UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
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Forex Flash: Fed favors holding rates lower for longer – Deutsche Bank

Aside from the data there was a fair amount of Fedspeak yesterday, which on balance was tilted to the more dovish side. Fed Vice Chair Janet Yellen said she favors holding rates "lower for longer". She also said that there was no "pervasive evidence of rapid credit growth" but that there are signs that some parties are reaching for yield which the Fed is monitoring carefully.
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