In low-volume, Thanksgiving holiday trading, the USD/CAD is making a case for bullish continuation. (USD/CAD 4H Chart; click to enlarge) The 4H chart shows price in a falling channel for most of November since marking a high on the year at 1.1466. Then after tagging 1.12 last week, USD/CAD has stabilized and is now pushing above the falling channel today. Also note that price is breaking above the 200-, 100-, and 50-period SMAs, and the 4H RSI is breaking above 60 after tagging 30. This shows USD/CAD reclaiming bullish bias and loosing November's bearish momentum.If there is a pullback we should monitor the 1.13 area. If price can hold above this level for the most part, and push back above 1.1325, the bullish signal is valid, and pressure remains towards the 1.1466 level. However, a break and hold below 1.13 might signal further consolidation, and possibly more bearish correction.USD/CAD Daily Chart 11/27(click to enlarge) The daily chart shows that the prevailing trend is still bullish. In fact price just bounced off the 50-day SMA, and the RSI remains above 40 after tagging 70 several times. The broken channel looks like a broke flag pattern, suggesting bullish continuation. Now, there is still risk for one more bearish correction swing within the context of an intact uptrend. If price holds below 1.13, there is downside risk to 1.12 then towards 1.1150. At 1.1150 USD/CAD would be just above a previous support pivot, and would be tested by a rising trendline from July. A rally from here would still keep USD/CAD in a bullish trend. It might take a break below 1.11 to convince the market USD/CAD is no longer bullish, in which case, traders will start fading USD/CAD on strong rallies, let's say towards 1.14.