USD/CAD has been consolidating since late June after it almost, but failed to tag 1.34. Since then, price has been in a choppy falling channel as we can see on the daily chart below.USD/CAD Daily Chart(click to enlarge)Bulls in Charge After Breakout:- Note that USD/CAD broke above a falling resistance in June. - Also note that the RSI pushed above 70 in June, and has since held above 40 for the most part. This reflects maintenance of bullish momentum.- Furthermore, price has for the most part held above the 200-day simple moving average (SMA). It came down to test it at the start of October. Price cracked the 200-day SMA but only briefly before climbing back up sharply. - I think this overall price action is indicative of bulls maintaining control of this market.Pending Breakout:- Because of the buildup of bullish signs, I believe USD/CAD will break above the falling resistance and push towards the 1.34 area in late 2018. - If we see a subsequent pullback, a hold above 1.30 would be a strong confirmation of the bullish outlook. A break below 1.29 on the other hand would kill the bullish outlook and warrant a reassessment.