The dollar bulls haven’t had a chance to regroup today. It’s been non-stop US dollar selling since New York walked through the door.
Some of that might be ECB related but I get the sense that the bigger mover is China as bets on global growth are placed. USD/CAD offers a snapshot of what has been happening today with a one-way 110 pip move lower.
Zooming out, you can see the pair now approaching some big levels on the daily chart:
USDCAD daily
A break below the November low would quickly open the way to 1.3000.