EUR/CAD 4H Chart: Channel Up

Pair started with a rather noisy trading period which significantly lowered its quality rating (56%) and in a sense artificially imploded magnitude (50%). However, we can see that pair is developing rather neatly in the ranks of the pattern and higher return could be expected from planned movement towards the pattern's resistance rather than from unexpected rallies. Expectations of a neat movement towards the pattern's resistance are strengthened by the aggregate reading from short and medium term indicators and with the fact that 24th to 27th of May sell off seems to be just a bearish correction.