I expect the EUR/CAD to be clearly impacted by the future events (from the 31/05 to the 14/06/2017).
The orange zone describe the following week until the ECB decision rate (flag). During this time, the EUR/CAD should move a lot, especially according the Crude Oil , Euro economic announcement and of course Trump policy and comments.
Regarding the "flag period", I suppose that the EUR will gain a lot, especially because of the positive datas of the Euro zone (see Dax and Macron's win for instance). A boost of the EUR is possible, all indicators are green since few weeks.
Then, few days later, the FED will announce his rate, which will most probably improve the US Dollar . As the CAD is link both to the USD and OIL , it could be a significant drop (see sign $ sign), improving the CAD.
The highest line is a resistance that EUR/CAD should not pass (according to the recent tentatives).
In my opinion, a wait and see until the ECB and FED decision could be less risky. Then, to minimise the risk a short position at an interesting rate could be possible. My sell limit is already waiting at 1.54750.
Good luck and trade safe.