USD/CAD Technical Analysis: Upside limited below 1.3000 figure

• USD/CAD bull leg is losing momentum as it is finding resistance near the 1.3000 figure and the 200-period simple moving average on the 4-hour chart. 
• A breakout below 1.2950 should initially target 1.2900 figure and then 1.2800 if the bears can gain some more traction. 
• A bull breakout above 1.3000 would invalidate the bearish bias. 

USD/CAD 4-hour chart

Spot rate:                   1.2987
Relative change:        0.34% 
High:                          1.2988
Low:                           1.2926

Main trend:                Neutral

Resistance 1:            1.3000 figure
Resistance 3:            1.3048 August 14 low
Resistance 4:            1.3108, September 7 low
Resistance 5:            13200 figure
 
Support 1:                 1.2950-59 multi-month resistance and August 7 low
Support 2:                 1.2882-1.2900 September 20 low and figure
Support 3:                 1.2855-65 June 6 low - 200-day SMA
Support 4:                 1.2800 figure
Support 5:                 1.2727 May 11 low