The light blue box shows this market has been in consolidation for a while, and should we BO above the top of the range, we're more likely to test the high of 1.55584. There's plenty of room for the EURCAD to move up.
Oil prices didn't take off when the dollar sold off = Bad news for commodity. Now, when get hurt, commodity currencies , such as CAD also get hurt., hence pairs like EURCAD , and USDCAD must get a boost EURCAD should go higher , in what has already been a nice steady uptrend.
I assumed three separate orders during the pullback phase,(RE technique from Mr. Tim West, and his son, Ivan.) and I'll look to add in the BO of the consolidation box to the upside.
1.4750= Big support Below, and of course, the up TL
From the high of 1.55584, price showed a downtrend=more than 5 bars in a row w/o the printing of a fresh high.
We had 11-day mode earlier, prior to the Range expansion to the upside = Downtrend MODE Failure.
Currently there are 13 days of common price following no new high after the RE bar, and the retesting of the MODE during the pullback phase.