USD/CAD Technical Analysis: USD/CAD stabilizing above 1.2800 after 130-pip drop

• USD/CAD main bull trend is switching to neutral as the market broke below the 200-day simple moving average. 
• USD/CAD dropped almost 130 pips since last Friday as the market is trading far away from its simple moving averages. The RSI and Stochastics indicators are deeply oversold while the MACD is in negative territories. 
• While the bears are in control the market is considered oversold which can lead to a correction towards 1.2882 September 20 low.

USD/CAD 4-hour chart

Spot rate:                   1.2814
Relative change:       -0.72% 
High:                          1.2889
Low:                           1.2786

Main trend:                Bullish to neutral

Resistance 1:            1.2855-65 June 6 low - 200-day SMA
Resistance 2:            1.2882 September 20 low
Resistance 3:            1.2959 August 7 low
Resistance 4:            1.3000 figure
Resistance 5:            1.3048 August 14 low
Resistance 6:            1.3108, September 7 low
Resistance 7:            13200 figure
 
Support 1:                 1.2800 figure
Support 2:                 1.2727 May 11 low
Support 3:                 1.2600 figure