USD/CAD - Still treading water, but...

Not much is happening here. The cross is still treading water in a narrow range, which will soon have to end. At first eyesight it does look like a triangle, but a triangle just doesn't fit the picture. A more likely scenario (my preferred) is, that we are tracing out a series of waves one's and two's, therefore I'm looking for a break above 106, 106.77 and more importantly 108.59 that would accelerate this crosse higher towards at least the 117 area.

However if we break below 101.33 we must accept this as a triangle and a move down to the 93.25 - 93.50 area before a bottom is finally in place.