The Canadian dollar is the top-performing major this year
It's a thin-liquidity day but this is an interesting chart.
It looks like a clear breakdown below support but I would highlight the price action in December 2018 when this same chart looked like it was breaking out above resistance at 1.34 only to peel back early in the year. There was also a bit of a fakeout around the turn of the year in 2017.
All that said, I like the downside here. I believe a big theme in 2020 will be pain in shale and a resurgence in conventional oil like Canada's oilsands. That should provide some inflows to CAD, albeit that might be an H2 story. Earlier in the year, however, the theme will likely be better global growth and Canada is also poised to benefit from that.
