USD/CAD Technical Analysis: Downside calling as the market forms double top and threatens to break below 1.3000 figure

• USD/CAD is trading just above a flat 200-period simple moving average suggesting a sideways market. 
• USD/CAD bears objective is to break below the 1.3000 figure. USD/CAD formed a double top with the late September highs. The RSI, MACD and Stochastic indicators are also suggesting further weakness ahead. 
• Targets to the downside are seen near 1.2950-59 zone (multi-month key level and August 7 low) and 1.2882-1.2900 zone (September 20 low and figure). However a bull breakout above 1.3108 (September 7 low) should invalidate the current bearish bias.    

USD/CAD 4-hour chart

Spot rate:                   1.3010
Relative change:        0.1% 
High:                          1.3035
Low:                           1.3003

Main trend:                Bullish 

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3083 September 27 swing high
Resistance 3:            1.3108, September 7 low
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:                 1.2882-1.2900 September 20 low and figure
Support 4:                 1.2855-65 June 6 low - 200-day SMA
Support 5:                 1.2800 figure
Support 6:                 1.2727 May 11 low