USD/CAD continues to break down
USD/CAD came under selling pressure after non-farm payrolls. The strong numbers ally fears of a global slowdown — or at least a North American slowdown.
USD/CAD dropped to 1.3110 from 1.3135 in a move that defied initial USD strength elsewhere. The dollar is now under some broad pressure.
More importantly, USD/CAD fell through the 61.8% retracement of the sharp rally to 1.3662 from 1.2783 from Oct to Dec. The Canadian dollar was the top performer in January and is continuing right where it left off.