USD/CAD Price Analysis: Bulls waiting to pounce on a critical breakout

• USD/CAD bulls moving in on the bearish impulse. 
• Bulls in anticipation of a break of hourly resistance. 

USD/CAD is decelerating in its daily decline from the 1.28 area as it moves in on 26 January lows at 1.2559. A significant correction could be in order with the neckline of the daily M-formation in focus:

USD/CAD daily chart 

Should the price begin to correct on a daily closing basis, traders will be observing the price action on lower time frames from which an optimal entry point will likely evolve from within a bullish market structure. 

USD/CAD H1 chart

The price could be argued to be in a phase of accumulation on the hourly chart and a break of the current resistance will be monitored for in the coming sessions.