In late October, we noted that USD/CAD has been gaining bullish momentum and predicted a bullish breakout from a channel resistance.USD/CAD - Pending Bullish Continuation BreakoutThis bullish breakout scenario has materialized, and I think there is upside towards the 1.38 area. USD/CAD Daily Chart(click to enlarge)Bullish Breakout:- As we can see on the daily chart, price eventually broke above the falling resistance from July .- This move continues a choppy bullish trend since September 2017.- In the short-term, there is upside to the 1.3380-1.34 area and highs on the year. - We might find some resistance here, but if price can hold above 1.30, we will likely have upside beyond 1.34.Bullish Continuation:- While the daily chart shows a bullish continuation of the 2018 trend, the weekly chart shows a bullish continuation of the long-term uptrend. - USD/CAD has been in consolidation since retreating from a 1.47 high in 2016. - Note that in 2018, price came back above the cluster of moving averages and is now in a slingshot - when price climbs above the moving average then bounce of it as support.- With the short-term and long-term trend aligned, we can expect a medium-term upside towards 1.38 if price holds above 1.30.USD/CAD Weekly Chart(click to enlarge)