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USD/CAD - Can Bulls Regain Control?

USD/CAD has been consolidating since tagging 1.3350. Yesterday (9/1) I noted thta bears in the market started to take control, but my assessment was premature. When looking at the 4H chart, we can see that price sprung up from 1.31. That is now a key support pivot along with the 200-period simple moving average (SMA). 

USD/CAD 4H Chart 9/2

(click to enlarge)

Now, during the 9/2 US session, price has rallied to a falling resistance that has formed the current consolidation structure. 

Will bulls break through? 

It might hinge on Friday's US Non-Farm Payroll report as well as Canada's job data. So let's not expect too much trending, directional movements. At the same time, bulls have demonstrated some control in this market, so I would refrain from trying to short here around 1.33 because even if there is some near-term resistance here, downside risk is limited. 

After the NFP, if price fails to hold above 1.32, the bullish outlook might still need to be shelved, and we can be a bit more confident that USD/CAD has more downside risk. Otherwise, let's stay no the sideline and observe the market's approach and reaction to Friday's NFP event risk.