This cache is placed where there is a very scenic view. You can view the northwest part of the city. The Colour Cache is in a pile of coloured rocks. Soon this cache will be beside the Ring Road.
You are looking for a camouflauge taped container that is a small to regular size. After lots of snow, this cache would be very hard to find.
Have fun finding the Colour Cache! 
UPDATE: Due to this cache wandering off in May 2021, it has been replaced to a micro size. It is even more not winter accessible, and it is at the same coordinates. Thank you Kottbullar for logging a DNF. The rock garden has indeed been destroyed, and got thown around. The location is not so colourful anymore either.