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USD/CAD in a Bullish Breakout from a Triangle

The USD/CAD has been trading in a triangle since February. As the market gears up for the 3/19 US session, it is pushing USD/CAD above the triangle resistance. 


(USD/CAD 4H Chart)

The break looks decisive and is poised to challenge the 2014 high 1.1223, and will likely push to a new high on the year, which would extend the bullish trend that has been developing since September 2013.

Ideally there will be a throwback after this breakout. I would like to buy on a dip. The triangle had a range of slightly more than 300 pips. I would be looking for an bullish extension of about 300 pips. 

FOMC

The strong USD vs CAD can reflect tapering expectations, so let's see if Yellen will deliver later on in the 3/19 session. Also the market will want to see what changes the FOMC will make to its forward guidance.