We construct a dynamical model to study the pion correlations in the 5~z annihilation of p/5 at rest. For the resonant channels, the simplest Lorentz-invariant couplings have been used. It is found that, in addition to the Bose-Einstein correlations caused by the finite size of the source, the dynamical correlations from the channels with intermediate resonances are important for explaining the experimental two-pion correlation function. The reliability of two standard methods for pion interferometry is tested in our model.