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Key Resistance Levels: 1.4400, 1.4600, 1.4800
Key Support Levels: 1.3400, 1.3200, 1.3000
In 2020, the USD/CAD pair has been trading in a bear market more often than the bull market. In the first quarter of 2020, the Canadian dollar has been very strong as the price reached a high of 1.4500. The monthly candlestick in March has a long wick. The long wick indicates that there is strong selling pressure at the higher price level. With the rejection at level 1.4500, the Canadian dollar resumed its downward move throughout the year with the advent of COVID-19.
USD/CAD Price Prediction: Monthly Chart
For the past nine months in 2020, the Loonie has been in a downward move after the pair fail to continue with the upward move in March 2020. The pair has fallen below the 20% range of the daily stochastic. It indicates the market has fallen into the oversold region. There is a tendency for the further downward movement of the pair.
USD/CAD Price Prediction: Weekly Chart
USD/CAD pair is in a descending channel. The Canadian dollar will resume an upward move if price breaks the resistance and closes above it. At the moment the market is moving upward to retest the resistance line.
Conclusion
USD/CAD downtrend may continue to 2021 if the pair fails to break the resistance line. A break above the resistance will mean a fresh uptrend. The selling pressure will persist if the resistance line remains unbroken. The pair will reach a low of 1.2800 by the end of 2020.
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