USD/CAD Technical Analysis: Bears patiently waiting for a drop to 1.2960 level

• USD/CAD is consolidating the main uptrend since June 27 as bulls are unable to print new highs. 
• USD/CAD is breaking below the ascending bull trendline opening the doors to 1.2959 August 7 swing low. 
• A sustained bull breakout above 1.3120-1.3155 area would negate the short-term bearish bias.

USD/CAD daily chart

Spot rate:                   1.3062
Relative change:         -0.01% 
High:                          1.3094
Low:                           1.3045

Trend:                                 Bullish 
Short-term Trend:               Bearish below 1.3120-1.3155 area.

Resistance 1:            1.3100 figure 
Resistance 2:            1.3120-1.3155 area, supply/demand level and June 18 low
Resistance 3:            1.3172 August 13 swing high 
Resistance 4:            1.3200 figure 
Resistance 5:            1.3271 June 29 high 
Resistance 6:            1.3350 figure
Resistance 7:            1.3388, 2018 high
Resistance 8:            1.3543 June 9, 2017 swing high

Support 1:                 1.3048-1.3066 area, August 14 low and July 9 low
Support 2:                 1.3022 July 25 low
Support 3:                 1.3000 figure
Support 4:                 1.2959 August 7 swing low
Support 5:                 1.2900 figure
Support 6:                 1.2855 June 6 low