The US Dollar has been on a run recently, but consolidated at the end of June going into July. During the 7/11 session, the USD strengthened against most majors, including against the Canadian Dollar. In doing so, USD/CAD is confirming a bullish breakout.USD/CAD Daily Chart(click to enlarge)Wedge/Channel Breakout:- We can observe a falling channel, or more so a falling wedge on the daily chart.- This reflects a bearish trend, but not a strong one, especially when compared to the prevailing bullish trend going into 2016. (refer to the weekly chart below).- Perhaps, the recent bullish breakout signaled a continuation of the prevailing bullish trend.- If so, the bullish price action during the 7/11 session is a confirmation of the bullish breakout. - We have a couple pf targets, around previous resistance pivots at just under 1.38 and around 1.46. - However, if price instead retreats below 1.30, we should reconsider the scenario or wait for more clues, while assessing the market as simply in choppy consolidation.USD/CAD Weekly Chart(click to enlarge)