USD/CAD hits stops
Don't ever let anyone tell you technical support doesn't matter. USD/CAD broke 1.3920 and crumbled to 1.3890, which is the lowest since March 15.
The move may have been particularly strong because Canada is mostly closed today for holiday.
The rally in AUD/USD might be a preview of what's to come for the loonie. It's rallied to 0.6390 after breaking the late-March high of 0.6200 in the middle of last week.
It's certainly a pain trade in both of them with few people positioned for a rally in growth-sensitive risk currencies. At least for Australia, you can say they've been sailing through the virus and are levered to China.
