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17 Apr 2013
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.
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.