USD/CAD Technical Analysis: Testing 1.2960 – Still room to the downside

• USD/CAD is in a deep pullback in the main bull trend.  
• USD/CAD has tested and rejected 1.2959 (August 7 swing low) resistance and is currently trading below a downward sloping 200-period simple moving average suggesting a bearish bias. Targets to the downside are located at 1.2900 figure and 1.2857 (June 6 low).  
• A bull breakout above 1.3100 would invalidate the bearish bias.  

USD/CAD 15-minute chart

Spot rate:                   1.2856
Relative change:        -0.06%  
High:                          1.2964
Low:                           1.2899

Trend:                         Bullish  
Short-term trend:        Bearish below 1.3100

Resistance 1:            1.2959 August 7 swing low
Resistance 2:            1.3000 figure
Resistance 3:            1.3022 July 25 low
Resistance 4:            1.3048-1.3066 area, August 14 low and July 9 low
Resistance 5:            1.3100 figure  
Resistance 6:            1.3120-1.3155 zone, supply/demand level and June 18 low
Resistance 7:            1.3172 August 13 swing high  

Support 1:                 1.2920 supply level  
Support 2:                 1.2900 figure
Support 3:                 1.2857 June 6 low
Support 4:                 1.2800 figure