While investors and traders have been looking for avenues to short the dollar, there have been those which took advantage of relative EUR strength to short it against AUD, CAD and the like. The sharp slide in the commodity currencies today has prompted some of those accounts to bail out of short EUR/AUD positions and other similar plays, helping give the euro a relative better bid on the way south. Continued sovereign buying on dips is helping as well.
EUR/USD trades now at 1.4140, AUD at 0.7995, approaching key 0.7990 support and USD/CAD at 1.1065.
