Broadening triangle on the USD/CAD

On the daily chart of the USD/CAD we can see that the price has consolidated and formed what it appears to be a broadening triangle. The formation is just a triangle that keeps widening its range instead of closing it. From the pattern the price may head in any direction, but there is a higher probability of breaking out in the direction of the trend coming into the formation. In this case, the trend is bullish before the pattern formed, therefore it may try to break to the upside. The upper breakout is at the highest high of the formation at the 1.2911 level. To the downside, the confirmation line is at the 1.2801 level. To the upside, the 1.3000 level may act as resistance, followed by the peak at the 1.3123 level. In case of a bearish breakdown, the 200 day EMA (blue line) at the 1.2746 level may act as support. But a breakdown of the 200 day EMA will practically clear the road for the USD/CAD to fall to the low at the 1.2526 level.