Thoughts on CADUSD after the bounce

Been watching $CADUSD pretty closely this morning. We saw a decent bounce off that 0.7129 area, pushed up to 0.71352, and now just hovering around 0.71327. I'm seeing a bit of a short-term flag forming on the hourly, but it's still early days. If we can hold above that 0.7130 level, I think there's potential for a retest of yesterday's high, maybe even a push towards 0.7150. However, a decisive break below 0.7129 would pretty much invalidate that short-term bullish outlook for me, putting us back in a range-bound or even a further downside scenario.