The EUR/CAD has been consolidating throughout June. As we can see in the 4H chat, it was more of a bearish correction that resembled a slightly falling channel. Last week we saw a gap down followed by a v-shape reversal. The v-shape reversal is a sign that the correction might be over. EUR/CAD 4H Chart 7/7 (click to enlarge)So far entering this week, price action continues to indicate an attempt to break above the consolidation pattern. In fact, the start of this week was a less violent version of last week's start. Price gapped down but bounced off 1.38 and is pushing above last week's high. The fact that price is holding above the cluster of 200-, 100-, and 50-period simple moving averages suggests that bulls are now in charge. However there are 2 pieces missing to the bullish breakout scenario.1) Price needs to push above 1.40 to be more convincing.2) The RSI needs to break above 60 to show the loss of bearish momentum established during the consolidation.If these two events materialize, look for an attempt to test the 1.4162 high.