USD/CAD tries to surpass 100-hour SMA

As apparent on the chart, the US Dollar has remained stable against its Canadian counterpart during the previous trading session. As already expected, the pair breached the steep short-term descending channel and the 55-hour SMA, but this slight appreciation was nevertheless stopped by the 100-hour SMA near 1.2550.

The US Dollar is still showing weakness against major currencies in this session. However, this situation should soon change, thus allowing for a surge up to the 200-hour SMA.

Even if the pair is pushed lower in this session, the weekly S1 at 1.2487 could provide an unbreakable barrier that would send the pair for a re-test of the 100-hour SMA.