The greenback is the weakest performing major currency so far today
There isn't much reprieve for the dollar following the losses yesterday, though we are seeing EUR/USD back away from levels near the 1.2000 handle at least to start the session.
The pair touched a high of 1.1997 earlier in the day but is now hovering around 1.1970. GBP/USD is still flirting with a potentially firm break of 1.3400, but did well to recover from losses in early trading yesterday.
Elsewhere, USD/CHF is hovering near fresh five-year lows just above 0.9000 while AUD/USD is trading at fresh highs since August 2018 around 0.7400.
USD/CAD is also down to its lowest levels since 31 December close to 1.3000:
The figure handle remains a key psychological support level for now but another key downside area to watch will be the 31 December low @ 1.2952.
The technical picture continues to argue in favour of sellers as the downside momentum is very much intact. The berak below the 200-week moving average is adding more conviction for sellers to chase a further downside move currently.
Another key support region to watch is the trendline support that stretches back to the start of 2019 - as seen by the weekly chart - at around 1.2885.
But generally speaking, break below 1.3000 and the 31 December low @ 1.2952 and the slippery slope gets even more slippery for the dollar against the loonie.
