USD/CAD has been bearish so far in 2017. It ended 2016 around 1.36 but retreated to about 1.30 by February as we can see on the daily chart below.USD/CAD Daily Chart 2/22(click to enlarge)Consolidation:- On the daily chart, we can see that the decline in 2017 is really part of a consolidation. - Price action has been choppy throughout 2016 but has been bullish. - However, once price found resistance at 1.36, it seemed to have turned a little bearish.- Basically, there is no clear trend, so we should limit any bullish outlook.The Bullish Outlook:- I mentioned the bullish outlook because it looks like price is anchoring above 1.30.- Price has also broken above a falling wedge resistance.- If USD/CAD breaks above the 1.32 pivot and February high, it open up a bullish outlook in the short to medium-term.- This bullish outlook should be limited to two recent resistance pivots at 1) 1.3385-90 and the high around 2) 1.36.1.31:- If price closes below 1.31 however, we should anticipate a test of the 1.30 support. - For now, I would respect that support so if price gets there, I would be thinking of a buy with a minimal target of 1.32.