USD/CAD Technical Analysis: Bears drive the market to 1.3000 post-Bank of Canada rate hike

• USD/CAD is trading in a bull trend above the 200-period simple moving average (SMA).  
• USD/CAD fell to 1.3000 figure following the Bank of Canada raising policy rate by 25 bps to 1.75%.  
• USD/CAD is set to remain under pressure after the sell-off. Technical indicators have turned bearish. Targets to the downside are seen near 1.2950 and 1.2900 figure.  

USD/CAD 4-hour chart

Spot rate:                   1.2993
Relative change:         -0.72%  
High:                          1.3101
Low:                           1.2991

Main trend:                Bullish  

Resistance 1:            1.3083 September 27 swing high
Resistance 2:            1.3108, September 7 low
Resistance 3:            1.3150 figure
Resistance 4:            1.3200 figure

Support 1:                 1.3000 figure
Support 2:                 1.2950-59 multi-month key level and August 7 low
Support 3:                 1.2900 figure