USD/CAD Technical Analysis: Bears challenging the 1.3000 figure – More down

• USD/CAD bears took over the market and drove prices below the 1.3048 support putting the main bull trend on hold.  
• USD/CAD is trading back into the bull flag challenging the 1.3000 figure while the RSI, MACD and Stochastics are pointing to more losses.  
• Bear targets to the downside are seen near 1.2959 August 7 swing low and 1.2900 figure. A bull breakout back above 1.3048 would invalidate the bearish bias.  

USD/CAD 4-hour chart

Spot rate:                   1.3004
Relative change:        -0.48%  
High:                          1.3080
Low:                           1.2996

Trend:                        Bullish  
Short-term trend:        Bearish below 1.3048  

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3108, September 7 low  
Resistance 3:            1.3155 June 18 low
Resistance 4:            1.3172 August 13 swing high  
Resistance 5:            1.3200 figure  
Resistance 6:            1.3300 figure
Resistance 7:            1.3388, 2018 high

Support 1:            1.3000 figure
Support 2:            1.2959 August 7 swing low
Support 3:            1.2855 June 6 low