USD/CAD sits near the lows
The main story in the FX market today is broad US dollar weakness and the Canadian dollar is taking advantage. That's pushed USD/CAD down 30 pips on the day to 1.3930. We touched as low as 1.3920, which is two pips below the late-March low.
I struggle to envision a big Canadian dollar rebound given the 6 million job losses in Canada, the global recession and the cratering of oil prices but this chart is tough to argue with. It looks like it's on the verge of a breakdown.
