USD/CAD Technical Analysis: Double Top bearish breakdown should extend at least to 1.2924 level

• USD/CAD is trading sideways between the 100 and 200-period simple moving average on the 4-hour chart. 
• USD/CAD strongly broke below 1.3000 figure as the market formed a double top with the late September highs. The RSI, MACD and Stochastic indicators are encouraging for more losses ahead. 
• Targets can be located near 1.2950-59 zone (multi-month key level and August 7 low) and should the zone break an extension of the downfall should at least reach 1.2924 (October 10 low). 

USD/CAD 4-hour chart

Spot rate:                   1.2969
Relative change:       -0.43% 
High:                          1.3053
Low:                           1.2954

Main trend:                Neutral 

Resistance 1:            1.3000 figure
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:                 1.2950-59 multi-month key level and August 7 low
Support 2:                 1.2924 October 10 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