The USD/CAD has been trading in a triangle since May as we can see in the 4H chart. USD/CAD 4H Chart 6/28(click to enlarge)Triangle Broken, Bullish Signs: The 4H chart also shows that this triangle might be broken. Note that the recent high just above 1.31 is above the previous June high. Price action also cracked the triangle resistance to get to 1.31. Also note that the RSI did not fall to 30 last week, which means momentum did not turn bearish. Instead, the RSI tagged 70 a couple of times in the past 2 weeks, which suggests some bullish momentum developing. Upside Risk: As long as the USD/CAD remains above 1.29, the bullish signs noted above should still be valid. It might actually take a break below 1.2850 to open up a bearish outlook. These bullish signs suggests USD/CAD has upside towards at least 1.32, the high area of the triangle. The daily chart shows upside risk towards 1.34 in an ABC correction scenario:USD/CAD Daily Chart 6/28(click to enlarge)ABC Scenario, 1.33 and 1.34: An ABC correction would be against the bearish trend since January's high just above 1.46 to May's low just below 1.25. If price comes back to 1.3315-20, USD/CAD would be in a 38.2% fibonacci retracement level and test the 200-day simple moving average. So I would say 1.33 is a viable target. 1.34-1.3450 will involves some previous resistance pivots and should be the limit of the current bullish outlook in the short to medium-term.