I think the answer is yes. Have a look at the hourly USD/CAD chart that i have attached paying particular attention to the light blue lines. From the look of this pennant formation i would be expecting a pop closer to the 1.2770 initial resistance level that i have pencilled in.
If you are long i would suggest having your stops below 1.2530 for now with a view to taking something off the table on the approach of 1.2770 and going with the break above 1.2800.
