Rate gets slammed as stops and active selling from cross-spreaders break the rate under the 1.4440 support zone; retraces earlier gains to probe for stops in range. Rate likely to have stops building in-range to the upside now that downside stops cleared in a rush. Rate recovers ahead of the fix and regains the 1.4500 handle for most of the day but remains whippy.

Initial test of the psychological 1.5000 area now complete with the pullback likely about over as well and the rate is ready to try for the 1.5000 handle again. Rate likely to find buyers on any dip to the 1.4500 area as this was the breakout area. Rate tests the 50 day MA before recovering back to hold near the 100 day MA; aggressive traders can look to buy dips.

The USD suffered a violent whipsaw today first rising to highs during early New York trade before reversing to make lows against some pairs and end mixed. Rising to highs against the GBP, low prints were hit early as stops and aggressive selling dropped the rate to a low print 0f 1.4395 before short-covering and aggressive buying lifted the pair back to the 1.4500 handle to hold around 1.4510/20 area most of the day. Traders note middle-eastern names on the buy side around the 1.4420 area and slightly lower as the 50 day MA offered support helping the rate to reverse during the London fix.

Rate has inside-range day so far failing to extend to a new low on follow-on selling overnight; rate reaches to tech support around 1.2880 but traders say conditions are still on the thin side. Rate has two-way action into the lows suggesting short-term traders and profit-taking by the shorts.

Support at or around the 50 day MA now being tested; the 50 day MA is next level needed to hold for the bulls to feel comfortable this week. Need a rally back over within 72 hours for the drop to be considered a correction and not a breakout.

Rate extends briefly into the 1.4400 handle and rallies out as shorts cover; stops over the 1.4620 area are large lifting the rate to new highs. Holding firm into the close more upside is likely overnight. Stops said to be building above the 1.4720 area after rate clears close-in stops.

Tests of the psychological 1.5000 area now complete with the pullback likely about over. Rate likely to find buyers on any dip to the 1.4500 area as this was the breakout area. Rate is still holding the 100 day MA nicely and aggressive traders can look to buy dips.

The USD ends mixed today after reaching critical S/R numbers after the open and ahead of the London fix. The BOC announced a 25 BP cut in interest rates lifting the USD/CAD sharply higher as stops over the 1.2400 area fired off topping the rate at 1.2509 before cooler heads prevailed. The rate fell back as late buyers were disappointed finding sell-stops in-range bringing the rate back under the 1.2400 handle eventually making a new low on the day at 1.2324; traders now feel the rate has completed a retracement against the recent weakness and with an inverted hammer formation on the daily charts more losses are likely.