Possible breakout-pullback pattern on the USD/CAD

The breakout-pullback pattern is completed when the price of an asset breaks an important support or resistance zone to then pullback to the same area and continue in the direction of the initial breakout. On the weekly chart of the USD/CAD we can see that the 200 week EMA (blue line) stopped the price on its first visit when it was falling from the peak at the 1.3800 level. The bounce from the 200 week EMA takes the price to the 1.2700 level, but then it bounces back down to visit the 200 week EMA for a second time, but on the second occasion, the price breaks below the 200 week EMA and makes a low around the 1.2069 level. From the 1.2969 level the USD/CAD bounces to the upside and reaches the 200 week EMA again where it is trying to stall at the moment. A breakout-pullback pattern may be completed on the USD/CAD if the prices bounces to the downside from the 200 week EMA, but the stochastics indicator has just come out of the oversold zone and still has enough room to continue higher; therefore, the USD/CAD may break above the 200 week EMA. On the other hand, the 200 period EMA usually acts as a very good support/resistance zone, especially on the higher timeframes, and this time it may work even better since it is coinciding with the 55 day EMA around the 1.2491 level.