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USD/CAD Awaiting Breakout from a Falling Wedge

After marking a new high on the year at 1.1385 last week, USD/CAD has been consolidating in what appears to be a fallen wedge pattern seen in the 4H chart. 

USD/CAD 4H Chart 10/22(click to enlarge)

As price falls to the 1.12 area, we should be anticipating buyers. Why?
1) The 1.1195-1.12 area was a common pivot and psychological level.
2) The RSI has returned to about 40, and a hold above 40 would reflect maintenance of the bullish momentum.

Now a break below 1.12 might bring in some further bearish correction, but if the market is still bullish, look for a rally from this area. A break above 1.1270 should clear above the SMAs, a previous resistance pivot, and the falling wedge resistance. That would be a bullish continuation signal. We do have to monitor the 1.13 resistance and psychological level for sellers, but if price can then stay above 1.1250, the bullish mode would still be in play. 

A break below 1.12 can bring about a bearish correction toward the 1.11 handle. This could still be in the context of a significant consolidation, with the prevailing uptrend still intact. A break below 1.1070 however, might introduce a reversal into a medium-term bearish trend.