USD/CAD falls below 1.40 for the first time since November

The US dollar is broadly and aggressively weaker today. That's pushed USD/CAD through the 1.40 level for the first time since late November.

More broadly, the Canadian dollar is underperforming significantly as it's risen by about 0.5% compared to 1.4% for the Australian dollar and 2% for the euro.

The market is likely pricing in lower US growth and more-aggressive Fed cuts.