Both USD and CAD have been depreciating to most other currencies, and yet neither managed to trade in a good long term trend. Their cross pair has been trading with very choppy price action for the last 5 months.
Every time we come to the boundary of such range, it deserves our attention. At the moment, both USD and CAD are trading at the top of their respective bullish cycles, with USD barely winning over CAD. This move has taken the price right to the top of the flat boundary. The price has got there without any convincing strength, so it is hard to expect a strong bullish breakout.
Given that USD has managed to reach the top of its bullish cycle even on Weekly, without showing any strong price action in that cycle, it does not seem likely that it will keep on appreciating. CAD however, being at the bottom of its bearish cycle on Weekly, has more potential to go higher for a while.
It is very likely that the price will stay in the range, but thanks to its considerable size, we can still trade UC on the short side.