USD/CAD Technical Analysis: USD/CAD drops below 1.2950 level – Bulls might support the market above 1.2900 figure

• USD/CAD main bull trend is on hold as the bears are driving the market towards 1.2900 figure.  
• USD/CAD is trading below its 50, 100 and 200-period simple moving average while the RSI, MACD and Stochastics are in negative territories.
• However, bears will need a convincing breakout below 1.2882 (September 20 low) in order to shift the bias to strong bearish.    

USD/CAD 4-hour chart

Spot rate:                   1.2923
Relative change:        0.92%  
High:                          1.3051
Low:                           1.2909

Main trend:                Bullish  

Resistance 1:            1.2959 August 7 low
Resistance 2:            1.3000 figure
Resistance 3:            1.3048 August 14 low
Resistance 4:            1.3108, September 7 low
Resistance 5:            13200 figure
 
Support 1:                 1.2882 September 20 low
Support 2:                 1.2855-65 June 6 low – 200-day SMA
Support 3:                 1.2800 figure