USD/CAD Price Analysis: Prints session high above 1.4060, confirming a flag breakout

• USD/CAD's 30-minute chart shows a bull flag breakout. 
• The breakout has created room for a rally to levels above 1.41.

The upward move in USD/CAD is gathering steam with the pair's 30-minute chart reporting a bull flag breakout pattern. 

The pair is currently trading around 1.4052, representing a 0.33% gain on the day, having hit a session high of 1.4065 about 30 minutes ago. 

USD/CAD jumped from 1.4018 to 1.4060 in the 30 minutes to 00:30 GMT, confirming a flag breakout or a bullish continuation setup on the 30-minute chart. The pattern indicates that the rally from the May 10 low of 1.39 has resumed and has opened the doors to 1.4160 (target as per the measured move method). 

The bullish case would be invalidated if the spot drops below 1.40. In that case, a re-test of the horizontal support at 1.3965 could be seen. 

Daily chart

Trend: Bullish

Technical levels