USD/CAD drops to 1.2918

Beginning of the new trading session reveals that the 100-hour SMA, indeed, served as a resistance level, which broke an ascending channel. As it was projected, the subsequent surge continued until the bottom boundary of the senior channel down, which forced the currency pair to make another U-turn. Now, primarily goal of the rate is to bypass the above 55- and 100-hour SMAs to have a free path to finally get to the weekly PP at 1.3063. However, it is possible that strength of these technical indicators will prevail today as well. Such outcome, in turn, would put the pair into a symmetrical triangle with an equal possibility to breakout upwards and downwards.