Over the past few months, the US dollar has retreated against the major currencies. Although the US dollar is considered a safe-haven currency, investors have not been afraid to buy riskier assets, despite the severe economic conditions caused by COVID-19. This has meant that minor currencies such as the Canadian and Australian dollars have appreciated against the greenback in recent months.
EUR/USD is up 4.9% so far in 2020, and while USD/CAD has appreciated in 2020, the pair has fallen 5.7% since April. If this trend continues, we can expect to see the US dollar turn in a losing year in 2020.