USDCAD 1.2203: 4-week breakout projects further strength

USDCAD broke through a 4-week falling wedge (as shown on the 240minute chart) to reach 1.2255 (May 20, 2015 high) before consolidating. While the 1.2171 low then the 1.2081 breakout point underpins, scope remains for further gains through 1.2255 to open 1.2386 (April 8, 2015 low, near prior 3-1/2 month range breakdown). Above there would extend the upleg towards the wedge breakout target at 1.2442. However, a push below the 1.2081 would weaken the outlook and resume weakness towards 1.1919.
Outlook:
Short term: bullish
Long term: bullish