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USD/CAD awaiting range breakout with bullish bias

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.