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.