USD/CAD could be anchoring higher, but first let's take a look at the current consolidation range.USD/CAD 4H Chart 8/4(click to enlarge)Choppy uptrend:- Even though the USD/CAD has been choppy it has been making higher highs and higher lows as we can see in the 4H chart. - The latest push stalled at 1.3250, which cleared some key resistance factors.- Price held above 1.30. It is also above the 200-period simple moving average (SMA) and above a rising trendline.- Basically, USD/CAD is showing bullish bias by holding above 1.30. Consolidation:- We see a consolidation between 1.30 and roughly 1.3140. - The latest downswing missed the 1.30 area significantly, making a low around 1.3038. This is also a subtle bullish bias. - The fact that the prevailing trend is bullish also adds to the bullish bias. USD/CAD Daily Chart 8/4(click to enlarge)Breakout scenarios:Bullish:- If price indeed breaks above 1.3150, it has 1.3250 in sight, with potential of breaking higher. - The bullish scenario is first limited the the 1.3290 pivot than the 1.34 resistance area. The aggressive bullish outlook has 1.3635 in sight. Bearish:- A break below 1.30 however does expose USD/CAD to some further downside. - But a break below 1.29 might be needed to clearly break the rising trendline and a pivot - this can open up the 1.2460 low on the year.