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USD/CAD Fails to Break Consolidation

USD/CAD was bullish in May after tagging 1.25 and rebounding. But after failing to tag 1.32, it has been consolidating. 

USD/CAD 4H Chart 7/12

(click to enlarge)

The consolidation is evolving between 2 forms of triangle. 
The important thing is, while the symmetric triangle is broken, the ascending triangle is still intact. 
The resistance area between 1.3120 and 1.3190 is holding during the 7/12 session. 

1.32 is Key: 
A break above 1.32 might be needed to clear out some stops and push USD/CAD above the consolidation mode.
In this scenario, the market has the 1.34 resistance area as the first key resistance and short-term target.

Bearish Scenario: 
Right now, price action is showing a lack of bullish commitment.
If price falls below 1.2850, USD/CAD is likely bearish.
There could be some support at 1.27, but if price falls below 1.27, the pair could be in bearish continuation to test the 1.2460 low on the year. 

* I recently added positions at 1.29. The first target was the 1.3110 area, which was tagged. My next target is 1.32 and I have 1/2 of my original positions left.
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