{"id":103085,"date":"2020-08-11T08:25:34","date_gmt":"2020-08-11T07:25:34","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=103085"},"modified":"2020-08-12T12:10:25","modified_gmt":"2020-08-12T11:10:25","slug":"103838-loonie-technical-analysis-usd-cad-testing-key-trendline","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\/","title":{"rendered":"Loonie Technical Analysis: USD\/CAD Testing Key Trendline"},"content":{"rendered":"<ul>\n<li><span style=\"font-weight: 400;\">The gains that <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">USD<\/a> made against <a href=\"https:\/\/currencylive.com\/exchange-rate\/cad-canadian-dollar-live-exchange-rate\/\">CAD<\/a> since the beginning of the year are slowly eroded.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The pair has reversed the 2020 bullish trend, confirmed by a pullback of 78.6%.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">CAD short-term bearishness stalled despite negative sentiment surrounding the USD.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-cad-exchange-rate-today\/\">US dollar Canadian dollar <\/a>(USD\/CAD) has a technical advantage to favor more upside movement if the USD bulls emerge in the pair. At the same time, the USD\/CAD bearishness can be put to the test if the pair takes a dip in the 1.3319-1.3330 region.<\/span><\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-to-cad-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time USD to CAD exchange rate<\/span><\/a><\/div>\n<h3>USD\/CAD 2020 Analysis: Bad Performance can be followed by Good Performance<\/h3>\n<p><span style=\"font-weight: 400;\">The USD\/CAD exchange rate went through a turbulent year with ups and downs. At the beginning of the year, the pair set in motion a strong bullish run after initially it challenged the big round number 1.3000 and failed to sustain any pressure below. Loonie profited around 1700 pips in the first quarter of 2020 as more aggressive buyers stepped in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the bullish run topped near the USD\/CAD 17-year high which occurred simultaneously with the start of the COVID-19 pandemic lockdowns. Following this development, the pair sentiment has turned to the downside, losing most of its 2020 early gains.<\/span><\/p>\n<h3>USD\/CAD Forecast<\/h3>\n<p><span style=\"font-weight: 400;\">Bearing in mind that the USD\/CAD price has reached oversold conditions, the pair may stay enticing for USD-bullish market themes. The USD\/CAD long-term bearish trend is still unbroken; however, the short-term price action on other dollar-based crosses can inhibit any attempt for further USD selling pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sellers in the pair looking for more downside can find an obstacle near the support zone at the 1.3319-1.3330 area. A break and close below this batch of potential support can lead to more selling pressure in the pair all the way down to 1.3250 followed by 1.3200. These were both key support levels established in early February.<\/span><\/p>\n<div class=\"su-box su-box-style-default\" id=\"\" style=\"border-color:#000061;border-radius:3px;max-width:none\"><div class=\"su-box-title\" style=\"background-color:#071894;color:#FFFFFF;border-top-left-radius:1px;border-top-right-radius:1px\">USD Index Today - last 90 days<\/div><div class=\"su-box-content su-u-clearfix su-u-trim\" style=\"border-bottom-left-radius:1px;border-bottom-right-radius:1px\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/448b2cef2ade9aee682840f4f51d325a.png\" alt=\"\" width=\"800\" height=\"348\" class=\"aligncenter size-full wp-image-103099\" srcset=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/448b2cef2ade9aee682840f4f51d325a.png 800w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/448b2cef2ade9aee682840f4f51d325a-300x131.png 300w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/448b2cef2ade9aee682840f4f51d325a-768x334.png 768w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/448b2cef2ade9aee682840f4f51d325a-696x303.png 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<div style=\"font-size: 75%; line-height: 1.5;\"><div class=\"su-expand su-expand-collapsed su-expand-link-style-default no-margin\" data-height=\"0\"><div class=\"su-expand-content su-u-trim\" style=\"color:#333333;max-height:0px;overflow:hidden\">Currency Index charts show the <strong>strength of a single currency<\/strong> based on a basket of foreign currencies. This is done using a weighted mean (an average) of the 5 largest routes from that source currency and their daily FX rates. You can explore <a style=\"color:#0088FF\" href=\"\/exchange-rate\/\">live exchange rates here<\/a>.<\/div><div class=\"su-expand-link su-expand-link-more\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">What does this show? <\/span><\/a><\/div><div class=\"su-expand-link su-expand-link-less\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">Show less<\/span><\/a><\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The gains that USD made against CAD since the beginning of the year are slowly eroded. The pair has reversed the 2020 bullish trend, confirmed by a pullback of 78.6%. CAD short-term bearishness stalled despite negative sentiment surrounding the USD. The US dollar Canadian dollar (USD\/CAD) has a technical advantage to favor more upside movement [&hellip;]<\/p>\n","protected":false},"author":163946612,"featured_media":65135,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1869],"class_list":{"0":"post-103085","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-usd-cad"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loonie Technical Analysis: USD\/CAD Testing Key Trendline - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stelian Olar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/\"},\"author\":{\"name\":\"Stelian Olar\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c83637dd6dc82bcaadbc8b6c994d1186\"},\"headline\":\"Loonie Technical Analysis: USD\\\/CAD Testing Key Trendline\",\"datePublished\":\"2020-08-11T07:25:34+00:00\",\"dateModified\":\"2020-08-12T11:10:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/\"},\"wordCount\":399,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/canadian-dollar-us-dollar.jpg\",\"keywords\":[\"usd\\\/cad\"],\"articleSection\":[\"CAD\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103838-loonie-technical-analysis-usd-cad-testing-key-trendline\\\/\",\"name\":\"Loonie Technical Analysis: USD\\\/CAD Testing Key Trendline - 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